The recent rise of Ethereum has impressed the market since experienced an increase of 22,29% in 24 hours. Placing the price of Ethereum at $ 170, according to the tool CriptoTendencia, Crypto Online.
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What drove the recent rise of Ethereum?
Today we will offer you 5 key points that will help you understand what drove the recent rise in the price of Ethereum (ETH)
1. The investors love to Ethereum!
According to data provided by @skewdotcom, the interest in the volume of futures ETH is doubled if we compare it with the average during the last two weeks.
2. Get the price of Ethereum continuous undervalued!
Although we were surprised by the accelerated rise in the price of Ethereum on the day of yesterday, it still appears to be undervalued. According to observations offered by Glassnode, the rate MVRV of Ethereum is less than one. “The relationship MVRV of #Ethereum, a metric used to evaluate if the price is above or below the “fair value”, it is now in 0.8, which indicates that it is currently undervalued,” says Glassnode. It is important to note that the MVRV is the result of dividing the market capitalization by the capitalization carried out. The main objective is that it provides information on if an asset is overvalued or undervalued. Various experts use that metric with the aim of evaluating whether market participants gain or no gain. So, Glassnode ensures that the price of ETH should be $ 202 while the market value is below.
3. What greater confidence because the rise of Ethereum?!
Experts told CoinDesk that the recent increase in the price of ETH is primarily due to an increase in the confidence of investors in the update ETH 2.0. That update, also known as Serenity, is scheduled to be held in the month of July this year. Mainly the update promises to improve performance and increase security. It is important to note that such an update is in development from 2015, however, had failed to gain traction until this moment. Therefore, a greater confidence in the criptomoneda could be essential to the recent rise of Ethereum.
The markets, both of cryptocurrencies as the traditional, have seen a recovery after the infamous and spooky Black Thursday. Among many other factors, this could be related to the decrease of deaths due to the pandemic in Spain and Italy. In addition, we must take into account that in China things have slowly returned to normal after the country reduces its lock. Also, the Uk has made known to the media, the decrease in its infection rate. So, as well as the expansion of the pandemic by the world was the main cause of panic in the market, now calm seems to be coming back. And, with the calm, comes a rise in the price of Ethereum.
5. Ethereum creates an ascending triangle
According to Cole Petersen, ETH established a triangle upward can allow the price to increase to $ 200 in the short term. This pattern was also identified by Josh Olszewicz via Twitter, explaining that the recent break could bear to see ETH in $ 200 in the next few days. So, the recent increase in the activity of the criptomoneda can further accelerate the upward trend in Ethereum. So we would see the rise of Ethereum could be even greater. To close we ask you, what can we expect for Ethereum this 2020?