Ethereum is up by 120% from March’s Lows.

Factors Behind the Move.

Since March’s lows of 90 USD, Ethereum (ETH) has rebounded strongly. So much so, we actually saw the cryptocurrency trading at highs of 200 USD, over 120% higher than the lows only seen a month and a half ago when we saw it drop to twofold digits.

It’s a major turnaround that has left numerous experts thinking about what actually transpired, both as far as fundamentals and technicals go, to have pushed ETH to such high levels and in such a short timeframe.

Ethereum Value Graph Over the Past Three Months.

Chart data as of the 28/04/20 from https://www.tradingview.com

What’s Behind ETH’s Dynamic Move.

It appears that quite a bit of ETH’s momentum has to an extent been predicated on investors buying into a number of positive stories for the digital currency.

To start with, over the previous few weeks we have seen a substantial turn of events and improvements on the Ethereum 2.0 upgrade, which will drastically build the versatility and ease of use of the blockchain. A week ago, specifically, saw the arrival of the “Topaz” testnet for Ethereum 2.0’s Phase 0 spec. Etherscan information suggests that the testnet has already seen a strong uptake with around 20,000 dynamic validator nodes.

Experts expect the release of Ethereum 2.0, which is on target for later in Q2 or Q3 of this year, to have an astounding effect on the value of its cryptocurrency.

Besides, the information shows that the day to day value of coins moved on Ethereum has of late mirrored that of Bitcoin, regardless of the former blockchain having under 20% of the market capitalization of the latter. It’s a positive sign that many have said is encouraging for the future of ETH.

It’s Not Over Yet.

In spite of the fact that ETH has just set out on this great 120% rebound, experts figure we not seen the end of it.

A portion of ETH’s rebound has been predicated on the publicity and buildup to the looming upgrade of the blockchain, yet experts foresee that once the update is operational, the cryptocurrency could perform better than we have already seen this month.

As announced by NewsBTC already, partner at Metacartel Ventures, Adam Cochran, said that the launch of Ethereum 2.0 is probably going to cause the “largest economic shift in society” because of seven primary reasons, which can be reduced to three:

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