Technical Analysis

Ethereum aims to replace the servers and clouds with the network of the system called nodes that store and maintain a shared database called Blockchain. There are thousands of nodes in the network which stores the entire Blockchain. With more number of nodes, the network and its data become safer. The information into the record can only be controlled by the user, and it isn’t stored in the central server or on your computer or across the entire network of nodes. Ethereum uses technology similar to Blockchain, and it functions majorly in two ways – Smart contracts and Decentralized apps. Smart contracts are the contracts that automatically get executed once the conditions of the same are fulfilled. dApps are the applications that are developed on the Ethereum platform using its programming language Solidity.

The second-largest cryptocurrency has surged by almost 5% against Bitcoin, and it is also testing the resistance of $250, breaking which will demonstrate the strength in both long as well as short-term.

However, one should note that while Ethereum presents the most bullish charts in the present time, the impact of COVID-19 second wave can have a dramatic impact on the crypto market.