By
Temitope Olatunji
April 18th, 2024
Ethereum price is up 6% in the past 24 hours to trade around $430 at the time of reporting. This comes after a notable increase in ETH whales despite the cited challenges in implementing Eth 2.0.
Ethereum price has been leading the top three digital assets in an anticipated rally. According to historical data analysis from CoinGecko, the asset has risen around 21.9% in the past month, and up approximately 7.8% in the past seven days while the world is expecting for ETH 2.0.
Trading slightly above $430 at the time of reporting, the Ethereum price rally has been consolidating on the rising trend, perhaps accumulating more buyers.
With a market capitalization of around $47.2 billion, a daily volume of $13.3 billion in the past 24-hours, and it’s circulating supply standing at 112,405,558 at the time of publication, the asset is set to benefit from the favorable market fundamentals. In addition, Ethereum price has been able to maintain and rise its value despite the project’s recent setback on launching ETH 2.0.
Closer Look at Ethereum Price amid Preparations for ETH 2.0
Medalla – the final multi-client testnet before ETH 2.0’s phase 0 launch – came to a shuddering halt on August 14 when a bug took most of the testnet’s validators offline.
With the increased activity on the Eth blockchain, issues pertaining to scalability have been arising frequently. Especially when it comes to transaction fees that have been rising as the value and activity slowly reach 2017 highs.
Despite the technical hitch with the Madella testnet, it has been noted that Ether whales have been increasing both in quantity and activity.
Apparently, data from an advanced crypto tracker, Whales Alert, showed that two unknown ETH whales separately moved 189,735 Ethereum coins worth about $80.88 million, transferred from an unknown wallet some hours ago.
Possible Outcomes
Using technical analysis to forecast the Ethereum price in the near future. Several scenarios are likely to happen if the conditions on the ground prevail.
On one hand, a possible breakout from the recent high recorded at around $444, and perhaps double the value to the next possible resistance level.
This is going to mean a higher transaction fee in the Ethereum blockchain if the scalability issue will not have been dealt with. Additionally, it will officially stamp the asset bull rally that will set it to reclaim 2017/2018 ATH around $1,432.
On the other hand, the asset might pull back to continue with its month-long consolidation. Whereby, after hitting a possible support level at $357 before a continuation of the rally.
Although not in the leading side of digital asset huge recent rally, Ethereum price will remain a significant factor in the success of the ongoing cryptocurrency adoption meant to revolutionize the financial and global market.