Thumbnail Source: https://ethereum.org/en/
After a considerable crash for Ethereum (ETH) alongside most other cryptocurrencies over the past week, ETH has recovered considerably well, beating its ATH (All-Time High) about 10 hours ago at $2961.56. ETH is coming closer to 3k, which is a milestone that deserves respect.
Brief Analysis
Unlike some of the other cryptocurrencies that have pumped over the past week, ETH's one was more stable, having a general increase over time. However, this increase was at an impressive rate, bringing it up by more than 30% within the last 7 days. Looking at the past 24h, it is evident that ETH dropped considerably over the past few hours before rocketing back upwards, though it is important to point out the scale of the graph which is not that significant.
As for the past 5 days, an overall increase is obvious. It can also be noted that at some instances there are sharp rises that occur throughout the graph, suggesting that ETH has many more pumps to come. There are no significant drops visible within the 5 days trend, the most noticeable one at the beginning which is around the 28th of April.
In the past 1 month, ETH becomes much more volatile than described earlier. There are two decent drops on the 19th and 26th of April, split by a great pump spiking on the 22nd of April. These drops are most likely those from the market crash that occurred last week. This trend was also for the general crypto market two successive crashes in between a short recovery period, as reflected by ETH.
The general statistics of ETH at the time of this post are as follows:
- Price: ≈$2930
- 24h Price change: $59.76
- 24h low / 24h high: $2,841.68 / $2,955.07
- 24h Trading volume: $29,092,026,964.30 (-2.76%)
- Market dominance: 15.25%
- Market rank: 2nd
Ethereum 2.0 Quick Update
The developers' network has successfully done the launch of Ethereum 2.0 Testnet Steklo, putting Ethereum 2.0 one stepping closer to the finishing line under a whole crowd roaring for the new change. This is the first PoS (Proof of Stake) communication between different ETH clients (e.g. Lighthouse, Teku and Nimbus). ETH 1 clients (e.g. Besu, Geth and Netherland) also joined in with the exciting development.
However, Ethereum 2.0 developer Diederik Loerakker claimed that the Steklo testnet was quite unstable:
The testnet is in quite an unstable state right now, and more a tool for devs to debug clients today. We’ll run more user-centric testnets in the coming weeks, once things stabilize enough. Good work everyone on this first event, we made a lot of progress in testnet setup and client integration.
The merge between PoW (Proof of Work) and PoS is planned to be done on the 1st of December.
Further Reading
Source article: https://coingape.com/eth-approaches-new-ath-of-3000-after-the-successful-launch-of-eth-2-0-testnet-steklo/
Ethereum - What is Ethereum?: https://ethereum.org/en/what-is-ethereum/
Ethereum - Ethereum 2.0 upgrades: https://ethereum.org/en/eth2/
Mr.CryptoWiki - What is Ethereum? [A Comprehensive Guide to Understanding Ethereum]: https://www.publish0x.com/cryptocurrency/what-is-ethereum-a-comprehensive-guide-to-understanding-ethe-xkpwmk