Despite the fact that Bitcoin remains far more valuable, Ethereum has outperformed Bitcoin in terms of gains. In a year, Bitcoin has increased by 245 percent. During the same time frame, the cryptocurrency has increased by 730 percent. Following the previous catastrophe, the ETH Price has exhibited a remarkable comeback this week. ETH Price was trading at $2,161.58 at the time of writing.
The price of Ethereum is on the upswing. This comes as the Bitcoin blockchain’s address activity continues to decline, but the Ethereum network’s address activity is increasing.
According to reports, over the weekend, the world’s second-largest cryptocurrency by market capitalization fell below $1800. At roughly $1,700, Ethereum has developed a solid support level that should be considered a benchmark support level.
There were concerns that pessimistic sentiment might pull the price lower to $1,500, but bulls appear to have regained control. The pivot goal level of $2045 has been taken up by Ethereum, and the next resistance levels are $2277, $2420, and $2695. On June 15th, a prior effort to break over the trend line was thwarted when the price reversed intra-day from a $2,695 high. If Ethereum price closes below the 2020 trend line at $1,730 on a daily basis, it may test support at $1,420.
Also According to Coin Metrics, the average transaction price on the Ethereum blockchain was $4.42 as of June 27. Fees had been as high as $60 as recently as mid-May. As developers prepare for the mainnet launch in July next month, the much-anticipated London hard fork was launched on the Ropsten Testnet. Also, with an average MVRV of -16.9% for Ethereum, it’s a less risky time to invest than usual.