Ethereum Performs 10 Transactions per Sec, ETH/USD Eyes $1000

Ethereum blockchain achieved a new milestone of doing 10 transactions per second. ETH/USD rocketed above the $600 and $650 levels.

It’s been an amazing ride for Ethereum Enterprise as they continue to outperform in many departments. We all know how speedy transactions are in their blockchain and it’s very cheap compared with bitcoin.

However, the recent big achievement was doing 10 transactions per second yesterday. Vitalik Buterin, the founder of Ethereum himself tweeted about the same and was happy to share the same with the cryptocurreny world.

Good news: we just surpassed 10 tx/sec for an entire day yesterday.https://t.co/axOWBAvO1x pic.twitter.com/xQBA2s1XOh

— Vitalik Buterin (@VitalikButerin) December 13, 2017

The news is very positive and shows ETH success. Ether price was surging recently and ETH/USD moved above the $600 level.

Ethereum Daily Transactions and Market Cap

Yesterday, on 12^th Dec 2017, the number of transactions performed were 872340, which means there were on average 10 transactions per second on the blockchain (as per Etherscan).

This is a great achievement and shows the efficiency of ETH. Transactions are smooth and less costly as compared with bitcoin. Its market cap is now above $55 billion and the current price of Ether is near $610.

The price recently spiked above the $650 level and traded to a new all-time high at $662. More gains are likely in the near term with supports as $550 and $500.

ETH/USD Analysis and Forecast

The price of Ether rocketed higher recently and moved above the $650 level. A new all-time high was $662 from where ETH/USD started a correction.

The price is currently above $600 and there are many supports on the downside at $580, $550 and $500.

There is a major bullish trend line with support at $500 on the daily chart of ETH/USD. If the pair corrects lower from the current levels, it is very likely to find bids near $500 and $510 levels.

Below the $500 support, there is another trend line at $350, which is positioned along with the 100-day simple moving average. Therefore, Ether’s price remains well supported above the most important trend level at $350.

As long as Ethereum’s ETH price remains above $350 and $500, there can be more gains. The ultimate targets could be $800 and $1000.

Trade safe traders and stay away from hype and false rumors while trading.

Cheers!