Today I'm going to follow up and show you why Ethereum, the second most popular crypto-currency, is nearly ready to become the next world computer, why I expect a rally and how you can profit from the price rally.
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First – what is Ethereum 2.0 and why is it so important?
Basically, Ethereum 2.0 is a term used to describe Ethereum's next major upgrade.
All you need to know is this upgrade will make the crypto-currency faster, more secure and better for DApps (Decentralized apps).
It’s the DApps that are going to change the future as we know it…?
The future of technology lies within the DApps (Decentralized apps). A decentralized application is a computer application that runs on a peer to peer computing system rather than a single computer or organization.
Instead of downloading on a regulated centralized system like Android or IOS, you’ll use a decentralized system to do everything you currently do with the internet such as:
• Voting systems
• Trading the markets
• Social media
• Buying goods and services
• Making transactions
• Playing games
Imagine a Facebook, YouTube, Twitter or even a Wikipedia that nobody owns. With this new world computer, they would be completely immune to attempts to manipulate, regulate, spy or even shut them down.
Crypto-analysts, fanatics and the founders believe that Ethereum 2.0 contains the promise of an entirely new kind of democratic society which will contain zero corruption, zero manipulation and zero other shady behind the scenes influence.
According to Ethereum co-founder Vitalik Buterin:
"Ethereum 1.0 was a couple of people’s scrappy attempt to build a world computer; Ethereum 2.0 will actually be the world computer."
Already Ethereum’s price is being driven up, and there is HUGE upside to come.
This Rising Pennant will take Ethereum to $315
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Looking at the daily chart of Ethereum, you can see that the price has climbed higher over the past four months up to $265 (ETH/USD).
And since 15 May 2019, we’ve seen the price consolidate into an up diagonal pattern known as a 'Rising Pennant'.
A Rising Pennant consists of a flag pole (red line) and two lines constricting into an up facing triangle (Black lines). We can see it’s a Rising Pennant as the triangle continues to make higher high and higher low prices.
As the buying and trend momentum is clearly up we should expect the price to break up, where it will continue in the direction of the breakout.
Once the price breaks above the resistance, the next expected target for Ethereum to hit will be at $315.
To calculate this target we'll simply add the price differences between the high and the low prices of the rising pennant to the price that we can expect a price breakout.
Here's the calculation for the target:
Target = [(High price - Low price) + Breakout price (blue circle)]
= [($280 - $230) + $265]
= $315 (Green line)
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Analyst, Red Hot Storm Trader
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