Ethereum has been under pressure in the past few months, but it’s slowly showing some revived energy. Its performance as a smart contract blockchain it’s about to get a new breath of life as it prepares to go through an upgrade. It’s this upgrade that the price of ETH may be finding renewed momentum.
In a recent consolidation, Ethereum has broken above the top line at $274 and jumped to $288 in hours hitting the highest level since September 2018.
Although Ethereum’s growth is good, ETH investors expect it to get even better. ETH is changing its entire consensus algorithm from proof-of-work to proof of stake in a bid to improve its performance and make a return to its previous glory of being the blockchain of choice for developers.
There’s no doubt in price rise if ETH pulls off a good transition. In general, the market is showing good gains for top 20 coins. Ethereum is already up 6 percent. Earlier this week, Ethereum (ETH), second biggest coin by market capitalization, certainly benefited from the rise in the price of Bitcoin and is now showing its sustainable growth.
The growth has broken a few key resistance markers, and it has reached a nine-month high. Even though the sentiments in the market have played a part, there seems to be a change in how people are perceiving Ethereum.
As we wait for the upgrade, Casper upgrade has been key to getting ETH ready for its change in algorithm. The next move has been labelled Istanbul due in a few months.
The process indicates a positive stride to making Ethereum a better coin, or the investors may be trying to preempt the spike and have cheap ETH.
The rise in Ethereum price may be related to Bitcoin, but the scheduled upgrades may probably trigger the continued growth.
Do you think the rise in Ethereum price is related to Bitcoin’s price?
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