ETHUSD: Here’s Why Ethereum Price is Soaring on its 5th Birthday

Ethereum price (ETHUSD) is up by more than 3%, becoming the best-performing major cryptocurrencies in the past 24 hours. The currency is trading at $384, which is a few points below last week’s high of $415. On the other hand, Bitcoin price is down by 1.30% while Ripple price has fallen by more than 1%.

Ethereum Turns 5

Ethereum price is rising as the cryptocurrency turns 5 years. And what a journey it had. In the past five years, ETHUSD has moved from below $20 to more than $400. Its market capitalization has moved from less than a million dollars to the current $43 billion.

This makes it the second-biggest digital currency after Bitcoin, which has a market cap of more than $206 billion. XRP, the third-biggest currency has a market cap of more than $13 billion.

In a statement yesterday, the Ethereum Foundation said that:

“Everyone that makes up Ethereum’s ecosystem once waited for the first contracts to come online. Today there are millions! And we’ve long since lost track of the number of applications that are now unmapped stars to us.”

Interestingly, Ethereum price is rising ahead of its biggest update, that is popularly known as ETH 2.0. As we have written before, this update will make the Ethereum network faster and secure. It will achieve this by introducing the Proof of Stake (PoS) and replacing it with Proof of Work (PoW).

Ethereum Price technical analysis

The daily chart below shows that Ethereum price has been in an upward trend since March, when the price fell to $90. This means that the price has gained by more than 300% in the past three months. Also, the price is above the 50-day and 100-day exponential moving averages.

The Average True Range (ATR) has risen to the highest level since March 20, which is a sign of rising volatility. In the near term, I expect that the price will continue rising as bulls target the next resistance at $450.

On the flip side, a move below $288 will invalidate this upward trend. This price is important because it is where it formed a double top as shown below.

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Ethereum Price forecast

Ethereum Price

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