- Ethereum has posted a mixed price movement so far this year
- ETH returned to its consolidation area at the mid-$100
- Ethereum posted 2% quarterly gains despite the recent drop
Ethereum News Today – the price of ETH has recorded mixed price movements throughout this year. The crypto has incurred a parabolic upward movement in early-February. This trend pushed it to a high point of $290 before the coin lost momentum and dropped to the sub-$100 regions during mid-March.
Since the decline, the price of ETH has clawed back to the mid-$100. It has since consolidated at this position for the last few weeks. Several key fundamental factors could hold heavy sway over the next direction of Ethereum for the rest of the year. ETH’s success is potentially dependent on the level of dominance it secures in smart contracts in the coming months.
Ethereum Posted 2% Quarterly Gains Despite Recent Drop
Ethereum has managed to post an incredibly rebound from its March 13 low point in the sub-$100 area. The digital currency is currently trading upwards by roughly 50% from this point. ETH’s strong rebound is not unique to Ether, as the aggregated crypto market has also been showing signals of strength in the last few weeks.
Research and analytics platform, Messari shared data about the smart contract industry’s performance in this quarter via a recent tweet. The data analytics firm noted that every other protocol except for dPOS (Delegated Proof of Stake tokens), PoS (Proof of Stake) and PoW (Proof of Work) tokens managed to climb higher by a mile. Here is Messari’s tweet:
“For the future, crypto markets will be in unstable hands. Despite macro headwinds, it is no secret that the smart contract sector has shown signs of recovery as we head into Q2 + POW index is up 1% + PoS index is up 4% + dPOS index is down by 11%.”
Here are the Market Trends That Could Let ETH Consolidate its Dominance in Q2 of 2020
The Ethereum ecosystem could continue to maintain its domination of the smart contract market in the second quarter of this year. This is because some key trends will make it possible or allow the network to consolidate its control over the smart contract sector.
While referring to points from Wilson Withiam (Withiam conducts Blockchain research for Messari), they explained in a second tweet that there are reportedly three primary market trends that could help Ethereum to grow in terms of dominance in the coming months. If the above-mentioned price trends allow Ethereum to harness more control over the smart contract sector in the second quarter of 2020, it could give the digital currency a notable price boost.