The last few months have had Ethereum struggling to recover its record-high losses. Keep in mind that the second-largest cryptocurrency traded at $4,000 during its mid-April highs. However, the crypto crash saw the altcoin shading more than 50% in a few weeks. Despite the struggles, Ethereum persevered.
Remember, BTC dropped beneath $30K over last week. As a result, Ethereum lost its stronghold at $2,000, dipping lower. The losses saw ETH investors losing hopes as bears seemed to control the entire crypto market.
However, Ethereum has gained some losses, trading in the green zone for now.
Bullish Rally after $2K?
At this time, Ethereum will likely see a bullish rally. The ongoing projects on ETH’s network have encouraged the coin’s usage. The leading coin has scalability that indicates more recoveries. Projects such as ETH 2.0 might revolutionize the whole crypto space.
Once the platform manages to implement lower charges, it would resolve the issues related to small cryptocurrency transactions. Lower fees allow the coin to have increased usage as a currency and not an investment object.
Since the market crash, Ethereum has had $2,000 as its vital hold point. Crypto traders have struggled to maintain the asset over this level. At the moment, the market player predicts an extended bullish run.
Staking is another factor to drive ETH higher. Individuals can stake their Ethereum in a liquidity pool to get tokens as rewards. For now, most investors purchase Ethereum currency to stake.
Remember, staking Ethereum is not as challenging as trading. It allows investors access to low market entry levels to alleviate risks related to crypto trading. As much as the entries might seem small, they increase Ethereum market capitalization in the long run.
ETH London Hard Fork
Ethereum’s value increased slightly in the last few days as the London hard fork nears. The event will happen in July. The platform plans to upgrade with EIP 1559, to scale the ETH network.
Such an update will remove transaction hurdles.
According to crypto speculations, ETH might rally higher if it maintains the resistance point at $2,000.
What do you think about the Ethereum network in the future? Comment below.