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ETHUSD reaches June 2017 levels; where is Ethereum headed?
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Ethereum broke all significant barriers when it ended May on a new high. ETH 2.0 might be the real reason behind the hype, and more often than not, declines succeed the hype.

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The average returns posted by BTCUSD over the past one month is +8.6%. Ethereum posted gains of more than 13% during the same time. ETH is witnessing a lot of price action lately.

ETH ended the month of May, forming a high of $247.33. It is the highest gains posted by ETH this year. The debate between the BTC and ETH on which is the crypto for the future just turned more intense.

 

Is it noise for Ethereum, or do fundamentals back it?

Several analysts hold the view that Ethereum might be rising because of a herd-mentality. Nobody wants to miss out on the bus to quick profits. And that it is the reason, more and more investors and swing traders are buying ETH now.

However, another section firmly believes in the capability of ETH. They feel that the technology behind Ethereum is more reliable, and thus it is deemed to be the better cryptocurrency.

Moreover, the co-founder of Ethereum announced that they might come out with Ethereum 2.0 by June 9. This new version is supposed to carve a unique niche in the cryptocurrency space.

Here is the ETHUSD hourly chart. Source: TradingView.com

 

Ethereum 2.0: The hype that is driving ETH to the moon?

A lot of people feel that ETH 2.0 might not be the deal that it promises. Moreover, it was supposed to come out last year. It failed to do so. And people suspect that with the COVID-19 crisis this time, another delay might be more likely to occur.

Even if ETH 2.0 comes out as planned, nobody knows what it might or might not achieve. Therefore a lot of it is imagination. And when such hype is driven so much by mere speculation, we often witness a massive decline!

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Sabyasaachi is a stock market enthusiast by day, a content writer by night. He believes that 90% of one's problems can be solved by marketing, while solving the other 10% just requires good procrastination skills.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

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Sabyasaachi Karmakar
Sabyasaachi Karmakar
Sabyasaachi is a stock market enthusiast by day, a content writer by night. He believes that 90% of one's problems can be solved by marketing, while solving the other 10% just requires good procrastination skills.

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