In the last two weeks, Ether price increased by 75% as the price rallied from $222 to $390. Many investors believe Ether's momentum is buoying the entire market, and possibly even pushing Bitcoin upwards.
In July, investors seemingly sold off DeFi tokens and other small market cap altcoins, moving back to Ether and Bitcoin.
Today Ether price reached a 2-year high as it surged to $395 on BitMEX but this has traders warning against a potential pullback.
ETH 2.0 bolsters Ether's momentumA consistent positive factor that supports the upward momentum of Ether is the anticipation for ETH 2.0.
In August, Ethereum developers expect to launch the final testnet of ETH 2.0 called Medalla.
The incentive system would enable users to earn a yield on their Ether holdings over a long period.
Kelvin Koh, the co-founder of a venture capital Spartan Black, recently suggested that every phase of Ether would strengthen Ethereum.
"Every phase of ETH 2.0 over the next 2-3 years brings Ethereum closer to its final state and will be catalysts for ETH.".
Altcoin season continuesThe Ether and Bitcoin rally over the last three days coincided with a drop-off in altcoin prices.
It remains to be seen whether the confluence of ETH 2.0, profit-taking rallies, and DeFi growth could push Ether price to higher resistance areas.
3 Reasons Why Ethereum Price Rallied 75% to Hit a 2-Year High at $395
Published on Aug 1, 2020
by Cointele | Published on Coinage
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