Ethereum Price had a topsy turvy action throughout 2020. With reaching the high of about $290 to dropping off in the sub #100 regions. ETH was at the peak with the start of the year hitting the smut of $290. The position was retained till it lasted its momentum and dropped down to the sub 100 region in mid-March.
Since it’s capitulating decline, ETH has managed to retain its position and crawl back to mid 100 where it has been amalgamating from the past few weeks. There are few key fundamental events that can bring a heavy sway over the direction in which Ethereum trends throughout the rest of the year. The dominance secures over the smart contract platform in the coming months will be a key to write Ethereum’s success story.
Ethereum gives a comeback with 2% quarterly gain
The cryptocurrency is currently trading up around 50% from its March 12th lows in the sub $100 region which is a mark of an incredibly strong rebound. This strong rebound is not something unique about Ethereum as the whole cryptocurrency market is showing a rise from the past couple of weeks. Data about smart contract sector performance in this quarter was shared by a research analytical platform – Mesaari.
“For the foreseeable future, the crypto market appears to be in unstable hands in the broader economic environment,” said Messari in his recent tweet. He also stated that “Despite macro headwinds, the smart contract sector showed signs of recovery. Heading into Q2 + POW index up 1% + POS index up 4% + dPOS index down 11%.”.
Trends that could allow Ethereum to consolidate over the smart market and achieve dominance over Q2
ETH may continue to maintain its dominance over the smart contract market in Q2. There are a few key factors that will help ETH to expand its control over the sector.
“There are three primary trends which will help ETH grow in the following months”. Said Wilson Withiam – who conducts research for Messari in his recent tweet.
Wilson also cleared that “ETH 2.0 will continue to dominate conversations. ETH killer market will become more saturated and the staking market will continue to be under stress”.
If these factors are successful in allowing ETH to utilize its dominance over the smart contract sector in Q2 2020. The fundamental strength of crypto will grow and will also give a substantial price boost to the market.