Ethereum price (ETHUSD) is down by more than 1.5% today as the unstoppable rally takes a breather. The crypto is trading at $316, which is slightly below yesterday’s high of $334. On the other hand, Bitcoin price is up by more than 7.30% and is trading at $10,200, which is an important resistance level.
Ethereum has performed better than Bitcoin?
While Bitcoin is the best-known cryptocurrency in the world, Ethereum has actually been a better performer. For example, this year, Ethereum price has moved up by more than 160% while Bitcoin price is up by 60%.
The story is the same when you consider the performance of the two in the past five years. Bitcoin has gained by about 1600% while ETHUSD has gained by more than 2,800%. The chart below shows how the two have performed in the past one year alone.
Focus shifts to ETH 2.0
Analysts believe that Ethereum price will likely continue to do well as the Ethereum 2.0 launch nears. Yesterday, developers released the validator launchpad for ETH 2.0, which allows users to participate in the testnet’s proof of stake. This release happened a week before the ETH 2.0 testnet is scheduled to be released. In a statement, developers behind the update said:
“We’re releasing it now so that you can keep track of, and make deposits into, the upcoming Medalla multi-client testnet. But we’ll continue to fine-tune the interface in the run-up to mainnet launch.”
The statement added that the next phase will require users of the platform to put up about 32 ETH stake to run a validating node. More than 150,000 deposits worth more than $47 million have been deposited.
As we saw with the Bitcoin halving event, Ethereum price is likely to continue rising ahead of the launch of ETH 2.0, which is the biggest update on the platform in years.
The daily chart below shows that Ethereum price has made a small pullback today. The price is still above the 50-day and 100-day EMAs. Also, volatility, as measured by the Average True Range has increased to the highest level since June 5.
The Relative Volatility Index too has dropped slightly from the previous high of 93 to 63. Ethereum price trend remains being bullish as bulls move to test the next resistance at $350.
On the other hand, a move below $290 will invalidate this trend. This price, which is the previous resistance level.