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QUICK TAKE: Ether Could Take ‘Hard Fork’ in Road to Higher Levels
Traders Magazine Online News, January 22, 2019
Ethereum’s (Ether’s) price will “continue to soar” throughout 2019 – and a main driver of the continued rally will be this week’s hard fork.
That’s the thinking of tech expert Ian McLeod of Thomas Crown Art, head of the art-tech agency, as Ether continues to ride a month-long rally in its price.
“Ethereum has made a bullish move and broke the $125.00 resistance - giving the crypto naysayers and doom-mongers a robust signal that this digital currency is on the upward trajectory once again,” McLeod said. “Ethereum’s rally is part of a wider cryptocurrency rally since the beginning of the year, with other major coins, including Bitcoin and XRP, also securing important gains.”
Are the crypto bulls in town? Well, for Ether they are, McLeod reckoned.
“Whilst we can expect 2019 to be dominated by a considerably more bullish sentiment than in 2018 across the major digital assets, I think it is likely that Ethereum will be the standout winner this year for several key reasons,” he said.
First, the so-called “hard fork” is set to take place today. The hard fork will mean Ethereum miner rewards fall from three ether to two and decrease the block time, resulting in a faster network, McLeod said. This is a key part of a major Ethereum upgrade and the markets are excited.
There’s a possibility the date of the hard fork might be pushed back a little time-wise, but traders are managing this into expectations.
“Second, oracles. Oracles - data feeds that deliver information into the smart contract from third parties - will inevitably drive adoption of Ethereum smart contracts,” McLeod said. “This is because smart contracts using decision-making on real-world metrics can be expected to find relevant use cases among consumers, firms, and organizations, amongst others. And, of course, as adoption and utility of Ethereum smart contracts increase, so will Ethereum’s price.”
Thomas Crown Art uses Ethereum smart contracts.
“The sentiment data and technical analysis suggests that Ethereum’s rally, to be fueled further by the hard fork, will continue in the short to medium term,” McLeod said. “It is likely that this will positively impact on the rest of the cryptocurrency sector.”
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