Ethereum has undergone a strong rally over the past 48 hours followed by a period of weekly lows. The price of Ether is currently up by 5% over the past 24 hours and is priced at $473. Ether had outpaced Bitcoin once again with BTC being up by only 3% in the past 24 hours. Analysts believe that Ethereum is expected to see further gains above $500.
Ethereum to Rally Above $500
Both Bitcoin and Ethereum are currently undergoing a risk-on sentiment from investors. Crypto market data shows that investors have been completely risk-on followed by the three U.S. presidential elections. It might be due to the fact that investors are indeed aware that certain policies will affect their crypto investments in a positive light.
Crypto analyst Josh Rager says that Ether could move at a much higher level compared to its current state if it looks on closing to at a pivotal level. Rager says that if the cryptocurrency can close above $482 then moving above $500 is a natural process, last seen since July 2018.
Crypto market trends further indicate that there are significant sell orders on leading cryptocurrency exchanges in the $480 region. Hence the cryptocurrency has to move past these selling pressures before one sees a rally.
Ethereum Faces Consensus Bug
Ethereum did face a setback yesterday when the network had to undergo a consensus bug due to some of the service providers still using the old client.
Even Binance CEO Changpeng Zhao took to Twitter to remark on the matter:
“There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.”
However, a few of the crypto leader such as Blockchair’s lead developer Nikita Zhavoronkov has said that such kind of setbacks shouldn’t be underestimated:
“In my opinion, today’s consensus failure in #Ethereum shouldn’t be underestimated and should be considered as the most serious issue Ethereum has faced since the DAO debacle 4 years ago. An investigation is in order.”