Ethereum returns above $500 - The Cryptonomist
Today the price of Ethereum (ETH) is back above $500.
This is not only the highest peak in 2020 but also the highest price in the last two and a half years.
In fact, the last time it was at this level was June 22nd, 2018.
Yet it is still a long way from its all-time high of over $1,400 touched on January 13th, 2018.
It is worth noting, however, that it was precisely the $500 that ETH’s price had reached in December 2017, before the incredible spike that took it to its all-time high about a month later, with a 200% growth in just over 30 days.
Although it was at the end of November 2017 that the price of ETH approached the $500 psychological level for the first time, there is no guarantee that a spike similar to the one at the end of 2017 will occur in the coming weeks.
Ethereum at $500, what has changed since 2017
Not least because, as the Bitcoin price trend shows, the current situation seems clearly different from that of three years ago.
In fact, between November and December 2017 a speculative bubble of extremely significant dimensions was formed, with the price of BTC increasing by 227% in little more than a month and a half, while currently in comparison to the end of October the increase has been 31%.
As far as ETH is concerned, the price remained stable until mid-November, and then rose by 50% by the end of the month, by a further 69% in December, and by 87% in thirteen days, which brought it to its highest ever peak.
Whereas these days it rose by 16% during the first half of November, followed for now by +9%.
Consequently, the trend at the end of 2017 seems decidedly different from that of 2020, so much so that it is not particularly likely that a spike like that of the first thirteen days of 2018 will be triggered in the near future.
Nevertheless, the price has gone from 130$ to the current 500$ since the beginning of the year, which represents an increase of 284%.