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  • “And if ethereum can manage to figure out a way to do global synchronization of that activity,” Eric Schmidt.
  • Ethereum has cancels weekly gains but not all is lost for the bulls.

Ethereum has been struggling with declines since the beginning of the year. Besides, the bashing from its critics continues to increase. However, the network developers and its co-founder Vitalik Buterin intent to rewrite the script for the crypto and place it among the cutting edge projects in the industry in terms of the latest technology and network carrying capacity.

The former CEO of Google for 14 years, Eric Schmidt has been a pro Bitcoin and Blockchain for some time now. He recently said that the second largest crypto project has the potential to a “powerful platform”. He reckons that the industry is yet to tap into the network’s full potential. Schmidt said these during an event held in San Francisco organized by Village Global and hosted by Tyler Cowen. Giving his opinion on blockchain, he said:

In the public format, overrated. In its technical use, underrated,” Eric continued “Today, blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other.”

Schmidt expressed his excitement for the Ethereum project noting that there is a lot of amazing developments going on within the network. He believes in the capability of Ethereum stating that:

“And if ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”

At the time of writing Ethereum is trading $213 after dropping from the monthly highs at $223.79. While the correction has canceled most of the gains made in the last couple of days, all is not lost for Ethereum bulls who are defending the newly formed support at $212. The key resistance at the moment is at $215 while the highs at $223.79 will allows bull to push for gains above $230 and form a path towards $250. There is an upside move ongoing at the time of press, similarly, the RSI is heading north to show that the buyers have the influence in the market.

ETH/USD 1-hour