Ethereum’s 5th anniversary launch of ETH 2.0
Ethereum was first announced at the 2014 North American Bitcoin Conference in Miami and launched on July 30, 2015, and grew to become one of the most significant cryptocurrencies worldwide. For its fifth anniversary, Ethereum will take its first steps towards leaving behind the Proof-of-Work (PoW) blockchain network it currently functions on, to launch a Proof-of-Stake (PoS) test with Ethereum 2.0.
Once the platform-wide upgrade is eventually launched, ETH holders with a minimum of 32 ETH in their wallets can earn rewards in the form of annualized interest, and is intended to address the issues of scalability which limits the network's capacity to handle and manage a large number of transactions. These changes will make Ethereum much more attractive to a wide variety of traders and market participants, so we can expect some interesting volatility in the near future.
So how can we trade Ethereum's anniversary?
Currently, after months of seeing significant volatility in Ethereum, its prices have clearly stabilized. As we can see in the weekly chart of Ethereum, from the MetaTrader 5 platform, from Admiral Markets, prices climb positions, thus exceeding important levels of short-term resistance (288). Now she is on her way to attack medium-term resistances (361) and the subsequent journey is important.
Source: Admiral Markets MT5 #ETHER Weekly chart (between May 28, 2018, to July 31, 2020). Accessed: July 31, 2020, at 12:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
The levels around 823 and 1400 seem too optimistic at the moment, but as we said before, the arrival of Ethereum 2.0 is a big step for Ethereum and a huge leap for the crypto world, so it could attract a lot of interest from investors interested in this type of asset.
The indicators continue to reflect interest and strength in the short term, so there is no indication of seeing a change in the current identifiable trend.
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