By Ifaenyi Egede (Nigeria)
With the scheduled launch of the Ethereum 2.0 set to occur in the latter part of this year, specifically around the third quarter, it promises to provide users with various freebies. The new Ethereum 2.0 would allow users to stake their holdings and at the same time win massive prices and rewards for their respective holdings. With Ethereum generating massive waves as a result of the newly updated development, it has affected the ETHUSD correlation as it has gained more than the BTCUSD in the past three weeks.
Investors are eagerly anticipating a $250 breakpoint which will signify massive profits for institutional investors who are focused on the long term. Ethereum co-founder has said that the much anticipated ETH 2.0 will now occur in the third quarter of this year if all things go as planned. With major analysts lauding the ETH 2.0 as a brilliant development, some of them have claimed that it could spell a disruptive spell in the digital assets market.
ETHUSD surge in price
As the hype surrounding the newly projected ETH 2.0 gathering so much momentum, analysts have noted that there are two major reasons why accumulation is on the rise. The first reason is that some of the investors are following in the footsteps of other investors by accumulating more Ethereum for the last few weeks. The second major reason is that majority of other investors know the benefits of holding the assets in the long run and therefore are trying to get as much as possible before the break out happens.
Also read:Ethereum 2.0 promises users with a wide range of staking mechanism where they would be able to earn as much as they stake while earning rewards for being on the program. The project is similar to the “make your money do the work for you” analogy that is being preached in the digital assets market. According to the co-founder, not everyone will be eligible to participate in the program as users with less than 32 ETH won’t be allowed to participate, hence the rush for accumulation.
Analysis of movement of ETHUSD
The daily movement chart shows that ETHUSD is moving at a slow pace and the best part of the movement is that it is above the daily Bollinger band’s average movement. The day’s movement was between $238-$249 with the highest movement just a little bit below the $250 mark which shows that it might be resistance. If the price eventually soars above the $250 mark, then a selling pressure should be expected in the coming days, and accompanying it would be a subsequent price drop.
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