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Ethereum is trading at $ 2,330.60, following a massive rally that saw its price rise 28.44% a few days ago. Overall, ETH has signaled bullish sentiment, but the bulls should have enough momentum to hit $ 2390 to test the $ 2400 mark.

A close above the $ 2,400 level could set the pace for further gains. next significant barrier for the bulls could be near the $ 2,500 level, followed by $ 2,520. Any other upside could require a test of the $ 2,600 resistance zone in the near term with the 100 hourly simple moving average.

second largest cryptocurrency in the world has a participation account volume of more than 5% of all ETH in circulation. Currently, the annual APY for ETH wagered on the Ethereum network is 6.1%.

ETH experienced the first bullish indicator when the moving averages signaled a bull run last week. At this point, the shorter 50-period MA has moved to the longer-term MA at the peak. price continued to fluctuate between highs and lows.

Since that time, ETH has been working to break the resistance at around $ 2340. ETH is also working towards a test of the $ 2,600 resistance level.

Amazon payment rumors

ETH and other cryptocurrencies surged Monday morning amid rumors that a giant Amazon company (AMZN) will soon be able to accept tokens as payment. Ethereum (ETH-USD) rose 8.5% to $ 2,364, while the price of BTC rose to almost $ 40,000, according to rumors.

However, shortly after, Amazon rejected these claims and most cryptocurrencies lost value. Acceptance by Amazon would represent a game changer for any digital currency. Most cryptocurrency investors will not find it easy to spot multiple companies that accept ETH, bitcoin, including other cryptocurrencies. Amazon has sometimes been referred to as the “Store of Everything,” stocking many items, and making more than $ 380 billion in revenue last year.

Several cryptocurrencies are on the mend today after recovering from Amazon’s rejection of claims related to its crypto intentions.

ETH network

Ether stake now exceeds 6.6 million coins, and the ETH stake available on the network currently exceeds $ 14 billion. network has passed 200,000 validators, indicating that more than 200,000 validation nodes are moving before being established and counting from ETH 2.0

ETH network added more than 20,000 validators in less than two months. This increased the number of validators from 180,000 to 200,000. What came next was that more ETH was wagered on the network. Several investors continue to stake their coins and await the switch to ETH 2.0, which will bring rewards to validators.

Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.

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