Ethereum [ETH] could dip below $1K [again] while its hash rate hits ATH

While the Ethereum community took a sigh of relief as its price rose back above $1K, the altcoin seemed to have other plans
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The Ethereum network managed to stay relevant throughout the year with its progression through Ethereum 2.0. While the entire crypto community anticipated the network’s transition from Proof-of-Work [PoW] to Proof-of-Stake [PoS], the consistent delay of the same angered several. However, the Ethereum network managed to traverse to Phase Zero of Eth2 before 2020 ended. With Eth2, the developers hope to make the network more scalable, secure as well as sustainable. As Ethereum’s team has been working on it, the arrival of the next phase is scheduled for sometime in 2021.

The year 2020 ended on a good note for Ethereum and the network entered 2021 with better news as ETH had bagged in major gains during the recent crypto rally. The second-largest cryptocurrency rose up by almost 84% in the last 30 days. Despite this pump, the altcoin failed to hit its all-time high. Nevertheless, ETH impressed the crypto-verse with its price movement and stayed above $1K for a long time. ETH, however, fell prey to the carnage that destroyed many currencies yesterday. The asset had a steep fall which pushed the altcoin below $1K, precisely to a low of $923.16.

Ethereum Price Chart

Ethereum
Source: TradingView

At the time of writing, the coin seemed to be back on track as its price traveled back to $1,043.57. The coin still seemed to be enduring a slump of 3.7% in the last hour. The volume in the ETH market had subsided following yesterday’s big sell-off. The Klinger Oscillator alarmed ETH HODLers that the bears were in the market. MACD indicator had been exhibiting a bullish sentiment all this while, however, the MACD line was seen heading towards the signal line to insinuate a bearish crossover.

Key indicators used in the one-hour price chart of ETH seem to be inclined towards the bears as opposed to the bulls which could push the altcoin below $1K once again.

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Source

Additionally, the mean hash rate of the ETH had hit an all-time high of 308,994,442,558,900.562. This metric seems to be hitting a new high almost every day. This further affirmed that the miners were busy in the ETH network. Glassnode, a prominent crypto data analyst took to Twitter to assert this.

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