Ethereum ETH/USD is and has been the second-largest cryptocurrency token in terms of market cap. However, it has built an entire ecosystem around it due to its smart contract functionalities, where numerous developers have built decentralized applications (dApps) as well as Layer-2 Scaling solutions on top of Ethereum.
The upcoming Ethereum 2.0 upgrade as a catalyst for growth
That being said, on September 7, we saw Ethereum’s co-founder VItalik Buterin send his first ETH for staking.
This is a result of Ethereum approaching the launch of ETH 2.0.
Keep in mind that Phase 0 has already commenced, and the project launched its deposit contracts. Everyone started preparing their ETH coins for the upcoming staking, and this includes the co-founder.
Buterin used his VB2 wallet to send a total of 3,200 ETH in 100 transactions. Additionally, each of these transactions carried only 32 ETH.
We saw Ethereum’s price tumble by more than 20% on September 7. This decline happened after El Salvador started accepting BTC as legal tender, and we expected ETH to bounce back in the near term.
However, the price of Ethereum has fallen, so let’s see what actually happened and try to figure out how it will do in the future, so you can make an educated decision if you want to invest or not.
Should you invest in Ethereum (ETH)?
On September 20, Goomba (@im_goomba) on Twitter posted his pessimism regarding the future of Ethereum, stating that “we need a convincing move to escape gravity here.”
That being said, the value of Ethereum (ETH) was $3,076.
To get a better perspective about this value point, let’s take a look at its all-time high value as well as its recent performance.
Ethereum (ETH) had its all-time high on May 12, where it got up to $4,356. This made it $1,280 more valuable than on September 20, or 41% higher in value.
Its lowest point in August was on August 3, where the token fell to $2,468.
Its highest point was on August 31 where the token raised its value to $3,430. Here we can see a difference in value by $962 or 39%. This gives a glimmer of hope that the value of the token could potentially reach the $4,000 mark yet again.
That being said, the Ethereum (ETH) token has the potential to climb to $3,200 by the end of September, but if you see it drop below $3,000, then it might be worth reconsidering.
Goomba assumes that its price will go in a pessimistic direction. However, that might not necessarily be the case.
The rollout of Ethereum 2.0 will slowly shape the future value of ETH, and investing in it now could either be the biggest opportunity there is or one of the biggest regrets. In any case, it is an exciting time to invest in Ethereum.
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