With a part of the Ethereum 2.0 finally launched today it is no wonder there has been a constant climb in the price recently.
Newcomers who have just joined cryptocurrency and are none the wiser, are probably buying into the hype by investing in Ethereum even though Ethereums best days are behind it.
Let’s take a look at where the Ethereum price is before we expose its more formidable past.
The current price of Ethereum
At the time of writing, 21:00 GMT, this ETH price was at $600, suggesting that the price is still creeping up as investors anticipate the launch of Ethereum 2.0, which promises to fix all of ETH 1.0 problems. ETH was consistently going up with bullish momentum between the 18th and 25th of December.
Looking at the candles between the 18th and 25th, they are mostly green, indicating bullish momentum. At the time already described, the candles are in the Bollinger Bands’ upper price expectation area, suggesting that ETC is performing better than expected. The Moving Average Convergence Divergence ( MACD) indicated that the bullish momentum was strong between the 18th and 25th, probably due to the new crypto investors who heard about ETH 2.0.
You can tell that the bullish action was strong because of the density of the green part of the MACD. From the 29th till today, bullish action occurred again as news sites encouraged people to expect the launch of the ETH 2.0. ETH 2.0 finally came out today and this encourages bullish action. ETH managed to reach a resistance level of $635.5. From the 29th, the MACD is dense but not as much as before, suggesting excitement is reducing.
What is not encouraging but also not surprising is how between the 27th and 29th of December, there was bearish action suggesting that people were getting fed up with the wait for a new ETH 2.0. Despite ETH 2.0 coming out, the coin has not managed to go beyond its resistance level before its release.
The lack of a new resistance level could be because mature investors know that Ethereum has had better days.
The trend Ethereum used to be on in 2018
In 2018 Ethereum experienced a record-breaking resistance level in January of $1424, which is over 50% higher than the price it operates at right now despite the new ETH 2 launch. There was an incredible amount of bullish activity indicated by the steep incline of green candles from 2017 to 2018.
What worked in 2018
In 2018 there was more curiosity around Ethereum than there is now. Companies like JP Morgan and Microsoft were looking to invest in the ETH blockchain. Hearing such high profile names opt for ETH encouraged a surge of investors. At the time, many investors were looking to make a profit from alternative crypto coins.
There has been a buzz for ETH 2.0, but as the upgrade will be released in stages, the initial release is being met with skepticism. Ethereum hopes to do better than ever, but clearly, people are just not as excited as they were in 2018.