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  • ETH/USD is trading at $224 after establishing a daily downtrend.
  • The overall sentiment for Ethereum remains positive, despite the recent crash.

Ethereum has lost a lot of strength in the past two weeks. Bulls couldn’t defend the daily 12-EMA or the 26-EMA and both have crossed bearishly. Furthermore, ETH/USD lost its daily uptrend and is hitting lower lows. Despite the terrible price action, the positive sentiment remains active and ETH longs are still dominating shorts. 

Ethereum’s investors are still accumulating while ETH 2.0. is closer to launch

The first public Ethereum 2.0 testnet is now live. ‘Altona’ is a real network and almost the final testnet before the actual launch of the 2.0 update. Another testnet will be launched after Altona sometime in July. 

Altona will be using the new Solidity deposit contract discussed above. Like I said, this is a 100% transparent change to eth2 client software because the public interface is the same. Excited to test it in production nonetheless 

Danny Ryan, Ethereum 2.0 developer, and coordinator stated.

It seems that Phase 0 could be ready before the end of 2020, either way, the uncertainty and price action are not stopping investors from accumulating more Ethereum coins. 

A recent report by Glassnode clearly shows that the number of addresses holding one or more Ethereum coins is still increasing. Many people believe that Ethereum 2.0 will actually take longer, BitMEX’s newest research states that it could be delayed again because it is ‘exceptionally complicated’. 

If we look at the long-term, however, Ethereum seems to have a bright future. The upcoming update, although is being slowly deployed, will be a major upgrade and will certainly have a big impact on Ethereum’s value.

ETH/USD daily chart