Waiting for Casper: will Ethereum (ETH) break free from the long-term range?

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  • ETH/USD is on the upside quest with $232 area in focus.
  • Ethereum developers published a new version of Casper.

ETH/USD jumped as high as $223.79 during early Asian hours to trade at $218 at the time of writing. The second largest coin by market value is moving within a short-term bullish trend amid positive sentiments on the cryptocurrency market. ETH/USD has gained 3.7% in recent 24 hours and stayed unchanged since the beginning of Wednesday.

Casper is coming

Four Ethereum developers with famous Vlad Zamfir among them published a draft version of Casper technical specifications. According to Zamfir, the document contains a detailed description of a new technological solution; it will complement the existing information about Casper.

“Georgios Piliouras and I published a draft paper covering CBC Casper in much more excruciating detail than has been available until now! Check it out!!” Vlad Zamfir wrote in his Twitter account.

This protocol first introduced in 2015 implies Ethereum transition to Proof-of-Stake consensus algorithm. Zamfir’s Casper version is called Casper Correct by Construction (CBC). It was initially published in November 2017.

Meanwhile, in October 2017, Ethereum’s creator Vitalik Buterin presented his own version of the protocol – Casper Friendly Finality Gadget (FFG). It is focused on hybrid consensus mechanism that will combine existing Proof-of-Work and Proof-of-Stake. The first FFG release was published in May 2018.

Ethereum’s technical picture

Looking technically, the first ETH/USD support comes at $207. This area served as a strong resistance zone for the coin at the end of October, now it includes SMA200 4-hour. Once it is cleared, the sell-off may continue towards $202.90 (SMA50, 4-hour). While the downside correction looks highly likely due to the overbought status of Ether, the sell-off is likely to be limited by $200.
On the upside, a sustainable movement above Asian high at $223.79 will open up the way to $232. This area capped the recovery in September.
 

ETH/USD, 4-hour chart

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