- Ethereum and the entire crypto market have pushed higher overnight, which comes as Bitcoin gears up for another test of its all-time highs
- This push higher has allowed ETH to gain what appears to be a strong foothold within the lower-$600 region
- Any rejection or downturn seen by Bitcoin, however, could cause Ethereum’s price to plunge in tandem and once again lose this coveted level
- Data regarding the sentiment and social activity surrounding ETH seems to indicate that the cryptocurrency is drumming up major attention
- This has come about due to the recent deployment of ETH 2.0’s Beacon Chain, but will this hype be enough to boost its uptrend?
Ethereum has been closely tracking Bitcoin’s price action as of late, which means that it may continue consolidating below its recently set highs of $620 until BTC can break above its all-time highs.
One recent event that could prove to be a catalyst for ETH is the launch of Ethereum 2.0. This has created a lot of hype surrounding the blockchain and may continue doing so in the mid-term.
An analytics firm explained in a recent tweet that since the launch began, discussions of Ethereum have surged, which could be a bullish sign.
Ethereum’s Price Nears 2020 Highs as Bitcoin Moves to Test $19,800
At the time of writing, Ethereum is trading up just under 3% at its current price of $613. This marks a notable surge from where it was just one week ago when its price plunged below $600 and reeled all the way to $490.
The support at these lows was quite intense and helped slow its descent. It bottomed around the same time as Bitcoin, which reached lows of $16,400.
Social Data Suggests Hype for ETH is Building
One trend that could ultimately bolster Ethereum’s price action and help fuel a parabolic rally is the mounting hype surrounding ETH 2.0.
Santiment – an on-chain analytics firm – spoke about this in a recent tweet, noting that discussions surrounding ETH have been surging as of late.
“Our data indicates that Ethereum is the asset seeing the biggest uptick in discussion rate, as ETH 2.0 Beacon chain went live. Discussions on buying have also been spiking as BTC has polarized traders during this range pattern from $18.8k & 19.3k.”
Image Courtesy of Santiment.
If this hype translates into heightened buying and trading activity, it could seriously bolster Ethereum’s mid-term outlook.
Featured image from Unsplash. Price data from TradingView.