In brief:
The weekly close is only a few hours away and Ethereum is trading at $234 at the time of writing this. Earlier this week, ETH retested the $228 support zone
. This move down was a result of Bitcoin dropping from around $9,950 to $9,110 in less than 24 hours. The drop by Bitcoin had a ripple effect on the entire digital asset spectrum that has continued to linger. Additionally, BTC seems to be in bear territory for the coming week and a move down could further affect Ethereum’s bullish momentum ahead of ETH2.0.Revisiting the Daily ETH/USDT chart, we observe the following.
Ethereum investors and traders are still locked on a July release of ETH2.0. No exact date and time has been provided by the Ethereum developers further leading to speculation that the release might be pushed forward
once again.However, investors of Ethereum are looking beyond the launch date and are opting to accumulate more Ethereum in anticipation of staking.
Additionally, the number of Ethereum addresses holding 0.1 ETH or more has seen a sharp increase since the year began. Below is a Tweet from the team at Glassnode providing a graphical representation of the increment of ETH addresses holding 0.1 ETH or more from as far back as 2016.
Therefore, postponing the launch date of ETH2.0 might have a little effect on investor confidence with respect to holding Ethereum.