Saturday, August 1, 2020 9:03 AM EST
Ethereum was first announced at the 2014 North American Bitcoin Conference in Miami and launched on July 30, 2015, and grew to become one of the most significant cryptocurrencies worldwide. For its fifth anniversary, Ethereum will take its first steps towards leaving behind the Proof-of-Work (PoW) blockchain network it currently functions on, to launch a Proof-of-Stake (PoS) test with Ethereum 2.0.
Once the platform-wide upgrade is eventually launched, ETH holders with a minimum of 32 ETH in their wallets can earn rewards in the form of annualized interest, and is intended to address the issues of scalability which limits the network's capacity to handle and manage a large number of transactions. These changes will make Ethereum much more attractive to a wide variety of traders and market participants, so we can expect some interesting volatility in the near future.
So how can we trade Ethereum's anniversary?
Currently, after months of seeing significant volatility in Ethereum, its prices have clearly stabilized. As we can see in the weekly chart of Ethereum, from the MetaTrader 5 platform, from Admiral Markets, prices climb positions, thus exceeding important levels of short-term resistance (288). Now she is on her way to attack medium-term resistances (361) and the subsequent journey is important.
Source: Admiral Markets MT5 #ETHER Weekly chart (between May 28, 2018, to July 31, 2020). Accessed: July 31, 2020, at 12:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
The levels around 823 and 1400 seem too optimistic at the moment, but as we said before, the arrival of Ethereum 2.0 is a big step for Ethereum and a huge leap for the crypto world, so it could attract a lot of interest from investors interested in this type of asset.
The indicators continue to reflect interest and strength in the short term, so there is no indication of seeing a change in the current identifiable trend.
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") ...
more
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Any investment decision is made by each client alone whereas Admiral Markets Group AS investment firms (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
The Analysis is prepared by an independent analyst (hereinafter "Author") based on the Author's personal estimations.
To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.
less
How did you like this article? Let us know so we can better customize your reading experience.
Interesting, BUT I have no interest in owning any cryptocurrency.