Ethereum hash rate increases to high levels so far this year, with prices looking to breach $250
Ethereum’s hash rate has increased 28.6% since the beginning of the year, with its highest level in months coming at a time bulls are looking to push prices to levels last seen in February.
According to data by on-chain analysis platform Glassnode, Ethereum’s hash rate is at its highest since late 2019. Ethereum is a proof-of-work (PoW) network that uses mining to create new ETH through computing power, like Bitcoin.
The cryptocurrency is set for a transition to a proof-of-stake (PoS) algorithm via its Eth 2.0 upgrade expected later in the year.
But for now, miners continue to compete to solve cryptographic puzzles. With prices rising to $250, miners have increased their thirst for the crypto. According to Etherscan.io, the hash rate in the last 12 hours was at 183,128.76 gigahashes per second (GH/s).
Glassnode’s data reveals that the last time the hash rate was this high was seven months ago. Data from Etherscan shows the highest ever average hash rate for the network at 295,911.9974 GH/s was on August 9, 2018. The lowest average hash rate at 11.5297 GH/s was on July 30, 2015.i
Is $250 or higher achievable this month?
The overall crypto market began historically bullish June with positive moves, including Bitcoin which hit prices above $10,400 before retreating to levels below $9,800.
Ethereum also had a great start to the month, bullish sentiment extending its May gains above recent bogey price $220. The cryptocurrency has risen to a high of $247 before bulls hit a wall of sellers that prevented a breach above $250.
Can the Ethereum bulls ride the upside to push the crypto price higher? Buyers have to overcome immediate resistance at $247, which is certainly achievable with increased volume. North of immediate resistance for Ethereum bulls is the $265-$275 zone.
However, failure to surmount $250 will see ETH/USD dip to consolidate in the region between $230 and $245.
At press time, Ethereum is trading at $246, about 2.28% up on the day.