Ethereum Hashrate Breaks All-Time High, Will Price Follow?


Ethereum hash rate has been on the rise lately. Cryptocurrency has been one of the most profitable ventures for crypto miners and with more people flocking to enjoy some spoils, the hash rate has skyrocketed. It has now reached an all-time high in the May space alone. However, the question remains whether the price of the digital asset will achieve the same performance as it does in terms of mining hash rate.

Ethereum Hashrate Reaches New ATH

May will be a very good month for Ethereum when it comes to mining. After a steady rise during the month of April, the mining hash rate reached 1.1923 PH/s on the third of the month. This was widely understood in the market but not yet implemented.

Related reading | Bitcoin funding rates remain unchanged despite dropping to $30,000

The next two weeks will be new all-time highs set after another. Now, two weeks out of the month, I’m at another ATH. On May 13, Ethereum was released Hash rate increased to 1.2370 PH/s. This is the highest rate ever. It represents a 124% year-over-year growth.

Ethereum price chart from TradingView.com

ETH price settles above $2,000 | Source: ETHUSD on TradingView.com

Ethereum is still proving to work even though it has been reported that there are more than 80 mining pools currently providing hashrate for the network. One thing to note is that the hash rate has been on the rise as “consolidation” approaches. This upgrade will effectively eliminate the need for

High computing machines required to solve complex equations to verify transactions. Instead, the network will use the Proof of Stake mechanism to carry out transactions.

How does ETH work?

Ethereum managed to make its mark above $2000 again. This came after a long week full of ups and downs. A hard-earned victory, but a victory nonetheless. However, it seems to be the only wise direction.

Looking at the indicators of the digital asset, it has shown an incredibly bearish trend in the short and long term. Although it is holding its position above the $2000 level at the time of writing, it is still ticking all the boxes for a bearish asset, such as trading below the 50 to 200 day moving averages.

Related reading | Ethereum drops to 10-month lows as selling intensifies

Sentiment among investors has drifted completely into oversold territory. Even with the MACD indicator for 100 – 200 days indicating selling. What this shows is that selling pressure on investors at this time is from an all-time high of recent times.

However, the performance of ETH holders is not too bad compared to others. the majority Of those who own digital assets remain in the profit area Although ETH has lost more than half of its all-time high. It should also be noted that the majority have been holding their coins for more than a year.

Featured image from Medium, chart from TradingView.com



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