Currently, the price of ETH is around 375 USD, after Ether saw an 11% rise in prices over the past week. Meanwhile, more than half of ETH has not changed hands in over a year. Will the launch of the long-awaited ETH 2.0 change that?
ETH price up 11% in 7 days
Since exiting the consolidation phase last week, the price of ETH has been slowly climbing. In the last seven days, the price of Ethereum has increased by almost 11%.
After Ether reached 395 USD, where the cryptocurrency encountered resistance at the bearish 0.5 Fib level, the price has slightly decreased and is now around 375 USD.
Ether Price: Analyst Speculation
According to analyst and professional trader Rakesh Upadhyay, if the bulls manage to push the price above 395 USD, ETH could "hit the last highs of 488 USD".
Joseph Young is of a similar opinion. In his opinion, Ethereum is on its way to $ 500, and the only obstacle shortly there is resistance at 400 USD.
Much depends on BTC performance as "Ether is following Bitcoin ... both cryptocurrencies tend to move in tandem," writes the analyst. However, he adds, "the weekly and monthly charts show an upward trend for Bitcoin."
Glassnode: 60% of ETH has not been transferred in over a year
According to Glassnode, only about 40% of Ether has changed hands in the last twelve months. Thus, over 60% of all ETH tokens have not been transferred for at least one year.
The chart shows an upward trend since the end of 2018, when the ETH price dropped to an almost two-year low, around USD 80. Since then, ETH investors have been collecting coins. Even the severe fall in prices in March this year, when the cryptocurrency fell below 100 USD, did not shake their confidence.
Will Ethereum 2.0 change that?
The cryptocurrency community expects one of the most important events in Ethereum's history to take place in the coming months - the launch of ETH 2.0. Upgrading marks the transition from the current Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS).
In addition to potentially addressing some technical and security issues, the update will allow investors to lock their coins and receive rewards through a process called staking.
According to ETHhub founder Anthony Sassano, with the launch of ETH 2.0 and the introduction of staking, things could change and encourage some breeders to start carrying their coins. "I am particularly curious if any of the 5+ year coins (not transferred for over 5 years) will move," added Sassano.