Ethereum price weekly analysis 5 June: a solid, but spectacular, week
Steady as she goes this week as Ethereum holds a slow upward trend.
- Ethereum has made a steady climb, gaining 10% over the last seven days.
- Market participation is low according to trading volumes.
- Improvements could lead to massive increases in transaction volume for the platform according to Ethereum's founder.
Ethereum has gained about US$70 over the last week to be currently trading at almost US$590. And while a look at the hourly activity reveals the usual ups and downs, the trend over the last week is clearly on the up, although the angle of the graph could hardly be called steep.
Trading volumes have been fairly even, sitting at between US$1.8 billion per 24-hour period and US$2.0 billion per 24-hour period for most of the last seven days.
Two weeks ago, ETH was trading at close to US$700 and, while we're still some distance from that level, the trend is positive at this stage. And a longer-term look over the last year reveals Ethereum has been a solid HODL, rising from under US$300 last June to around US$600 today.
Ethereum's creator, Vitalik Buterin, has been quoted as saying two new innovations coming to the platform, sharing and plasma, will allow the platform to perform up to a million transactions per second. That's a long way up from the current level of about 15 transactions per second, which is about double what bitcoin achieves according to Coinspeaker.
Whether that level of optimism will help keep a strong undercurrent of support is hard to know but the news is positive.
The real issue over the last week has been the low participation rates in the market, as evidenced by the low trading volumes. NewsBTC noted this and we might see the price break the US$650 mark if participation in the market improves.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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