Can EOS (EOS) Put Ethereum (ETH) Out Of Business?

EOS (EOS) is not a new coin. In fact, it has enjoyed a rather strange reputation as “Ethereum killer” for quite some time. EOS (EOS) and Ethereum (ETH) are competitors but until now they were more like Google and Bing or Nvidia and AMD. This is because Etheruem (ETH) is the second largest coin by market cap with more than 90% of the ICOs ever held on its platform compared to EOS (EOS) which ranks as the fifth coin by market cap right now thanks to its 16% price spike today. With EOS (EOS) in the fifth spot, the debate of Ethereum (ETH) vs. EOS (EOS) has come to light once again as both coins are direct competitors with EOS (EOS) claiming as being a more sophisticated and advanced platform for smart contracts and decentralized applications.

EOS (EOS) which serves more like an operating system to decentralized application has announced the launch of its main net in June. While the exact date is yet to be confirmed, most industry leaders expect it to be in 40 days from today. Perhaps this is another reason for the excitement seen in EOS (EOS) price rise and rapid accumulation. EOS (EOS) reached a price of $18.16 as its ATH in Jan 2018 after which it fell down with the rest of the market. However, surprisingly enough the price is currently trading at $13.55, just $5 shy of its all time high. EOS (EOS) is one of the few coins that have almost completed their recovery. Similar excitement was also seen in the prices of coins like Stellar and IOTA but EOS (EOS) leads the pack.

In both the EOS/USD chart as well as the EOS/BTC chart, the price appears to have topped out and appears to be due for an imminent fall before continuing the uptrend. The RSI is also at overbought levels. The price has enough room for a retracement which could most likely happen over the weekend. However, the retracement will probably be short lived as the excitement for EOS (EOS) especially before the main net is completely unprecedented. The rapid accumulation can be seen in how quickly the price has reached close to its all time high.

On the EOS/ETH chart, the price looks due for some serious bullish action as can be seen in the Inverse Head and Shoulders pattern. EOS (EOS) is currently up more than 8% against its rival, Ethereum (ETH) and has plenty of room for further growth. The EOS (EOS) vs. Ethereum (ETH) debate has caught more attention than ever before especially in the last few days amidst news of Ethereum (ETH) being labeled a security which could put Ethereum (ETH) and its ICOs in deep trouble. A lot of Ethereum (ETH) supporters came to the coin’s defense to argue that the most of the Ethereum (ETH) is mined and that it may not come under the jurisdiction of being termed a security but the fact that Ethereum (ETH) was sold prior to 2014 makes the case a lot complicated which has resulted in fading interest in Ethereum and more faith in its competitors.

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