Ethereum, the number one altcoin by market capitalization, is currently in the stage of bullish consolidation, according to cryptocurrency trader "Crypto Rand."
Everyone is bullish on Ethereum
At press time, Ethereum is changing hands at $187 after an almost two percent uptick over the last 24 hours, CoinStats data shows. It is the second-best performing coin after Binance Coin (BNB) that surged by six percent.
Ethereum's price action has been subdued for months almost two months after the coin plummeted to the low-$160 level in tandem with the broader market. Even after Bitcoin's quick recovery on Oct. 25, ETH failed to touch the psychologically important $200 level.
However, the ETH/USD pair has formed a near-perfect double-bottom on the daily chart. This is a widely used technical indicator that usually signals an impending bullish reversal.
Trader "Paddy Stash" believes that the Ethereum price could dip one more time, but it will go higher nonetheless.
Looking forward to Ethereum 2.0
There is nothing surprising about the coin's recent price growth since the industry as phase 0 of Ethereum 2.0, the major upgrade of the project's Blockchain, is just around the corner. The new network will be powered by the so-called "Beacon Chain," a proof-of-stake (PoS) chain that will run parallel to the existing proof-of-work (PoW) chain.
Still, Ethereum 2.0 has to live up to expectations in order to achieve scalability. Bitcoin developer Peter Todd recently called it another scam given that it was falsely advertised as scalable.