The beginning of the year 2020 on the cryptocurrency market is a sequel to what the market was like at the end of 2019, where prices have not changed much and some of them have declined more, such as the Ethereum currency, which is the topic of our conversation.

Since New Year’s Day, the price of ETH has fallen by more than 5% and it has continued until yesterday.

Support at $130 turned into resistance as the second currency in the world fell to $125 before climbing back to $134 at the time of writing:

The “Muir Glacier” upgrade that was launched on January 2 did not affect Ethereum prices as it did with the Istanbul update last month.

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Hard forks and grille improvements usually affect the price a bit.

Since the price of ETH peaked in 2019, the coin has since lost more than 65% and it doesn’t look like it will recover any time soon.

The reason appears to be a massive liquidation of Ethereum on major cryptocurrency exchanges.

Trader “CryptoGainz” noted that there was a transfer of 30 million dollars of Ethereum to the “Huobi” platform, the transfer took place last week, and stated:

Oh, you know.

Just an unofficial net influx of more than 235,000 ETH to the “huobi” exchange over the past 7 days.

Oh, you know, just a net inflow of + 235 thousand $ eth to huobi within the last 7 days.

At this point, the bulls owe Xi Jinping $30 for a comprehensive prostate exam he performed for them. pic.twitter.com/GZgu4mHFdM

– CryptoGainz (@CryptoGainz1) January 3, 2020

Since Huobi is popular in China, it is likely that the amount indicated is a remnant of the “PlusToken” scam being filtered.

Read:BitMax is accused of organizing and participating in a number of pump and dump operations

High volatility occurred on Ethereum last month when PlusToken wallets were emptied.

Some analysts at the time suggested that scammers could manipulate the price of Ethereum for a long time to come.

In fact it seems that scammers are just getting rid of their illicit gains, so it is possible that prices will rebound as Ethereum fundamentals improve or crypto markets turn bullish again.

no need to be scared:

Regardless of the scammers and whales manipulating the markets and encouraging a bear market, Ethereum is fundamentally strong.

The growing DeFi ecosystem based on Ethereum is proving unparalleled growth.

The amount of ETH locked into DeFi reached another all-time high of 3 million according to Defipulse.com.

There are also positive and optimistic expectations regarding the release of Ethereum 2.0 in the coming days, and the first phases of it will be released this year.

Which is what you’ve been waiting for many From the Twitter accounts eagerly awaiting the release of the 2.0 update:

So excited to see ETH dollar Withdrawal of Ethereum 2.0 this year.

Read:Bitcoin surged 19% in July, the best trading month since 2021

It will definitely be the biggest coding moment of the year.

– Cactus (TheCryptoCactus) January 2, 2020

The full release of the new Ethereum 2.0 platform is still two years away, but it is likely that its first steps will be activated this year and rely on the stakes proof mechanism.

Which heralds a whole new way to earn with Ethereum through node management or the rewards that the major platforms are likely to offer.

Ethereum is having a hard time right now but there is light at the end of the tunnel.

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