Ethereum is ranked at #2 to the south of Bitcoin in the market. The trading volume recorded stands at roughly $9.833 billion, whereas the supply has 107,815,423 ETH coins involved in circulation. The total market cap of Ethereum is $23.507 billion as of this instant. ETH is priced at $218.03 at present after it surged at a rate of 5.84% in the course of the past 24-hours.
1/ Gas usage on #Ethereum hit ATH.
— glassnode (@glassnode) September 16, 2019
According to the data obtained from the candlestick chart associated with the ETH/USD pair on tradingview, the bulls are still swaying the price of this top-ranked altcoin. The daily RSI [for 14 periods] is at 70.47 which signifies that Ethereum is being overbought. The situation was quite similar a day ago.
The final 5 peaks [since 16th of September] all bear the green shade, which points to bullish force impacting Ethereum. Resistance may play a role at $239.42 if the digital currency [primarily recognized as a platform for smart contracts] manages to head north of $230. Initial support can be found near the $165.56 level.
Ethereum is planning to implement the Proof-of-Stake protocol [the PoW method consumes a lot of resources and can result in centralization]. This shift shall be initiated as Ethereum 2.0 is released. Interoperability with the old version will be possible, according to recent statements made by Vitalik Buterin. A step-by-step process is to be expected and the newly updated network shall be broadcasted during the first quarter of 2020 if things go smoothly.
Not too long back, BitPay announced that merchants across the globe will soon be welcoming ETH transactions.