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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Breaks $2,000, What You Should Prepare For

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum coin with an upward chart behind it

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Ethereum has been struggling a lot in the past months. Following the general crashing pattern of the market in recent months. The coin reached a new high of over $4,000. Before falling back down following the market crash over a month ago. Losing over 50% of its value in a matter of weeks. But despite this, the coin has persevered.

A week ago, Bitcoin fell below the $30K stronghold. Following this, Ethereum lost its footing at its $2,000 stronghold and fell below.

Related Reading | Ethereum 2.0 Contract Reaches 100,000 ETH Milestone

At first, it looked as if the coin would not recover. The whole market seemed to be sinking further into a bear. But all is not lost.

Ethereum has since regained back some control. Its price is back up in the green.

Bull Run After $2,000?

A bull rally for Ethereum does not seem unlikely at this point. There are projects going on on the Ethereum blockchain that encourages the use of the coin. The scalability alone of Ethereum puts it in a remarkable position to post another recovery. Projects like ETH 2.0 will completely revolutionize the crypto industry.

Once the lower fees are implemented, it means that the bottleneck with small transactions will be solved. Lower fees mean the coin can be used more as a currency instead of an investment asset.

Ethereum chart from TradingView.com

Ethereum breaks $2,000 | Source: ETHUSD on TradingView.com

$2,000 has been the major hold point for Ethereum since the decline. Traders have battled to keep the coin above this point. Speculations being that another bull rally is more likely above this price point than it is below it.

Staking is also another big driver for Ethereum. People can stake their ETH in liquidity pools and get rewarded in tokens. Given this, more people are buying ETH coins for the sole purpose of staking.

Staking ETH is less complicated than trading too. It gives investors a low entry point to get into the market without risking too much. These little entries, albeit small individually, add up over time to increase the market cap of Ethereum.

Ethereum London Hard Fork

Ahead of the London hard fork, Ethereum has seen a bit of increase in the past days. The London hard fork is scheduled to take place in July. It is scheduled to happen packaged with the EIP 1559 as part of efforts to scale the network.

This is targeted to make transactions easier for the users. With a proposal of the gas fee to be sent to the network as sort of a burn. With an optional tip being paid to miners.

Obviously, this has come with opposition from minters. But users and investors alike are excited about this.

Related Reading | StakeHound Loses Investors Private Keys, $72 Million Worth Of Ethereum Gone

High gas fees have been burdensome for a while now due to networks being congested by the large number of new tokens being issued. The London hard fork is part of the plan to solve this congestion problem.

Prior to this was the Berlin hard fork. It took place in April earlier in the year.

According to market speculations, if ETH holds the $2,000 resistance point, then there could be another recovery on the horizon.

But with so little momentum, it is possible that the coins fall back below. This could mean that the coin will experience further downturns before there could another recovery.

Ethereum still maintains a price higher than its previous all-time high. If it breaks, the next major resistance point would be at $1,500.

Developments are still ongoing in Ethereum to ensure the total scalability of the entire network. A complete overhaul to ETH 2.0 is scheduled for 2022.

Featured image from Press Insider Daily, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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