ETH Market Update: Ethereum Quietly Fortifies Its Position Amidst Bitcoin Price Surge

Ethereum is Breaking Crypto Herd Mentality and Could Become too big for “Altcoin" Status

Recently, the cryptocurrency community has been in aflutter following the parabolic rise in the price of bitcoin. As ZyCrypto reported earlier, bitcoin rallied to breach the FOMO trigger of $10,000 and attained a new high of $11, 350. Ethereum, the second largest crypto coin by market capitalization, has not been left far behind. 

Ether has been bullish, experiencing a gradual price uptick to hit a new peak this year close to $333 on Saturday, June 22. This surge indicates a more than 300% positive change since last year December when it declined to around $90. However, it faced some resistance and corrected downwards to trade below $320. 

Albeit the coin has experienced a moderate drop in price, it has not yielded and is currently trading above $310, which shows its resilience and the possibility of a price rally past the $320 level. At press time, its price stands at $311.13 with a market cap of $33,177,548,202, on CoinMarketCap.

ETHUSD Chart By TradingView

What Factors Are Likely To Boost Ethereum’s Price In The Near Future?

Ethereum staking scheduled for 3, January 2020, as Ethereum researcher Justin Drake said, is one of the reason ether price might skyrocket in future. Ethereum Foundation is set to launch its proof-of-stake blockchain dubbed ethereum 2.0 early next year.

According to an article by CoinDesk, over $500 million in ethereum will be locked after the launch of Phase Zero. Therefore, staking will lock in additional coins for ethereum. 

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In another article, Tanner Hoban, director of ConsenSys Capital, stated, “I think it provides stronger security for the network and I think it enables more confidence in the network.” There is a high chance that more confidence on ethereum by the public will translate to a price uptick.

Another driver is the fact that the ICO season is over. Consequently, ethereum is facing far less sales pressure. On top of this, most giant ICOs prefer using ethereum as their cryptocurrency of choice to assist in boosting the position of their coins. This could see the price of Ethereum surging very soon.

MetLife, a global insurance provider, is looking to stir up the insurance industry with a new ethereum-centered platform. According to an article published by Forbes, the initiative dubbed, Lifechain will help loved ones verify whether the deceased had a life insurance cover and automatically file a claim.

If the initiative is a success, ethereum will receive a lot of praise for taking part in the transformation of the insurance industry and the price of ethereum will be bound to spike as more people will have confidence in ethereum.

The Road Ahead 

As of now, ethereum is trading above $300. If the recent price upswing is anything to go by, ethereum seems to be out of the woods. There is a high possibility that it will gain momentum above the $320 resistance level in the near prospect.