02-17-2020 icon

Ethereum Price Surged 60% Over 18 Days

By calvin
ethereum price surged

Over the past few weeks, Ethereum experienced major upturn in price trends, as its price surged by over 100% since its bottom of $117 in December 2017. The upward moment stalled over the last few days, however.

Reality Check after Ethereum Surged in Price

Unfortunately, Ethereum had been overbought and sellers pushed the price to lows of $251. Retracement occurred from $290 resistance level.

With news of JPMorgan’s interest in acquiring Ethereum superpower, ConsenSys, there is a heightened sense of optimism about the cryptocurrency.

The asset was able to reach highs of $257 with gains of 17%. According to cryptocurrency trader, Galaxy, the MACD (Moving Average Convergence divergence) for Ethereum’s one-month chart changed to a bull trend, presenting the first time since October 2017 that such a flippening has occurred. 

Developers Confident in Eth 2.0

Behind the scenes, Ethereum’s developers remain confident that the next iteration (Eth 2.0) of the world’s leading smart-contract platform will be delivered as promised. Audits are being carried out as release is set for July 2020, the month of Ethereum’s anniversary. 

According to Ivey Business School professor, JP Vergne,

“We found that the best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it.”

With Ethereum 2.0 on the way, large organizations like JPMorgan, seeking to dive deeper into enterprise blockchain will grab a slice (or more) of the pie. This rings louder as Ethereum’s decentralised finance space surpasses $1 billion in locked value and nears half of $2 billion. 

With greater efforts being made to reduce transaction costs on the network and increase transaction speeds, more traction could be experienced for the cryptocurrency, sooner rather than later. 

Recently, global “Big Four” accounting firm EY released its new blockchain technology, Nightfall, which reduces ethereum transaction costs by 90%. EY’s technology uses third-generation zero-knowledge proof (ZKP) technology which is based on cryptographic processes that allow private transactions on public blockchains. 

Innovation in the community continues to thrive. At a recent Ethereum conference, a group demoed a door that unlocks based on a cryptocurrency transaction.