Ethereum’s price breaks the crucial $ 1,400 level a few days ago. Then it falls into the charts. However, despite the magnitude of the price corrections, ETH continued to trade close to its ATH. It was priced at $ 1,255, at press time.
The hash rate hits new heights
Over the past few days, key Ethereum indicators are registering all-time highs. The second largest cryptocurrency in the world is seeing its network difficulty and hash rate reaching new levels.
The difficulty of mining the Ethereum network has been steadily increasing for some time. Indeed, the pace of its increase has accelerated further since January 05, 2020.
Interestingly, at the start of 2021, the coin breaks through levels last seen in the 2017-18 bull run. Indeed, this matters a lot to Ethereum. Besides, as the network difficulty increased, the coin hash rate also increased. Therefore, this is a positive sign for the robustness of the network and the price action of Ethereum in the coming months.
According to data provided by BitInfoCharts, Ethereum miners continue to remain fairly profitable. In addition, data shows that since October 2020, the profitability of miners is on the rise. At the time of going to press, Ethereum’s mining profitability was around 0.085, having risen steadily from a low of 0.0225 in recent months.
Strong network foundations, coupled with support from Ethereum miners hodding the coin, shows that the coin is likely to maintain its current position. As Ethereum continues to enjoy a strong correlation with Bitcoin and its price action, a massive correction for Ethereum may not be in the sights in the near term.
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