On Wednesday, the crypto market corrected in some cases significantly. Overall, digital currencies lost over 3.5% of their market capitalization in the last 24 hours. While the most valuable cryptocurrency Bitcoin is still moderately in the red at around 2.5%, the situation is different with Ethereum. In the meantime, the price moved over 5% in the red. Around noon, ETH is still trading with a price loss of over 4.5% in the last 24 hours. What’s next for the Ethereum network and ETH?
Drastic upheaval in Ethereum
The Ethereum network is currently in an important phase. The upheaval should continue to advance in the next few months. Recently, the London Hard Fork, one of the most important innovations of recent years, was implemented to make the Ethereum Blockchain faster, more efficient and also more sustainable. Ethereum is well on its way towards ETH 2.0. Investors saw great potential in ETH in recent weeks, so that the price rose by over 60% in the last month alone.
Back in the sideways range
In the short term, the ETH course managed to break the $ 3,200 mark. In the past few days, it has been this level that has posed a problem for the bulls. Thus, the outbreak was not sustainable either. After a short interlude for 3200 US dollars, it recently fell a good bit. Although the ETH rate is still above the US $ 3,000 mark, despite a significant correction of around 5%. For the time being, the battle between Ethereum bulls and bears seems balanced. The momentum is weakening again on Ethereum.
Software solution for ether mining
At the beginning of the year there were problems with the supply of graphics cards from Nvidia. Because the hardware, which is actually popular with gamers, was generously bought up by the miners. The US company Nvidia then used a hash rate lock to reduce the supply gap. But now there is a solution with the software solution NBMiner to use the hash rate again up to 70% with the mining software. It does not yet seem certain that the graphics cards for ETH mining will be profitable. However, the developers show that they strive to find a solution for every hurdle. At the same time, this aspect will not matter at all in the medium term. Because by changing the underlying mechanism to proof of stake, mining is no longer necessary.
Should you buy Ethereum now?
The ETH price recently fell back into the sideways range between 2900 and 3200 US dollars. The momentum is weaker again. The whole crypto market is currently taking a breather. Fundamentally, things are still looking great for Ethereum. ETH investors rely on the currently leading blockchain in the field of smart contracts. Nevertheless, you could well wait a little before investing in Ethereum or expanding your own position. On the downside, $ 2900 should hold. As soon as the breakout to the top succeeds, however, ETH bulls should be there. Because then an explosive price development is possible in the next few months – spurred on by the fundamental further developments in the direction of ETH 2.0.
Open a free crypto broker account? Trade real cryptocurrencies quickly and securely with eToro *.