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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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  • Alex Dovbnya
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    A crypto trader says that the Ethereum price is "looking primed" for future gains

Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Ethereum, the number one altcoin by market capitalization, is currently in the stage of bullish consolidation, according to cryptocurrency trader "Crypto Rand."

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Everyone is bullish on Ethereum

At press time, Ethereum is changing hands at $187 after an almost two percent uptick over the last 24 hours, CoinStats data shows. It is the second-best performing coin after Binance Coin (BNB) that surged by six percent.

Ethereum's price action has been subdued for months almost two months after the coin plummeted to the low-$160 level in tandem with the broader market. Even after Bitcoin's quick recovery on Oct. 25, ETH failed to touch the psychologically important $200 level.

Ethereum Price
image by coinstats.app

However, the ETH/USD pair has formed a near-perfect double-bottom on the daily chart. This is a widely used technical indicator that usually signals an impending bullish reversal.   

Trader "Paddy Stash" believes that the Ethereum price could dip one more time, but it will go higher nonetheless. 

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Looking forward to Ethereum 2.0

There is nothing surprising about the coin's recent price growth since the industry as phase 0 of Ethereum 2.0, the major upgrade of the project's Blockchain, is just around the corner. The new network will be powered by the so-called "Beacon Chain," a proof-of-stake (PoS) chain that will run parallel to the existing proof-of-work (PoW) chain.

Still, Ethereum 2.0 has to live up to expectations in order to achieve scalability. Bitcoin developer Peter Todd recently called it another scam given that it was falsely advertised as scalable. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
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Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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