Ethereum Breaks Resistance and Now Trades at above $600

News • 2020/11/24 • by

ETH's price has been surging recently, which can be attributed to the release of the anticipated Ethereum 2.0.

Etheruem 2.0 phase was initiated on November 4th, and the official launch will be scheduled for December 1st. Any prospective speakers can stake up to 32ETH deposit in a week before the due launch date. Currently, there are 524,288 deposit contracts on the ETH stake.

Major Signals

Ethereum now sells above $600.

In the last 24 hours, the price of ETH has gone up by 11.6%.

The overall increase in ETH is about 31.7%.

The Ethereum foundation released an update on November 4th, stating that ETH 2.0 official launch will be scheduled for December 1st. It also announced the activation of the deposit contract to trigger staking.

The Chief Technical Analyst of Token Metrics also said there is a likelihood that there will be an ETH rally, and it will be similar to the 2017 Bitcoin rally.

ETH went past the $500 limit on November 20th and has reached the range of $600, which last happened in 2018.

Do you think the ETH-2 anticipated release has played a significant role in the price increase? Use the comment section to share your opinion.

Comments (6)

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guxcman

6 years ago

i wish eth price will stable around $800 this year

visiblemoney

6 years ago

Yes! It has because the stakes 32 ETH per validator in the proposed pool contributed over 524k total Ether generated to launch ETH 2.0 project. These liquidity gathered have mopped up coins in this market creating artificial scarcity that sparks the hike to $600 price that ETH Worth's at the moment.

godgrace1

6 years ago

The latest update on the Ethereum network is among the few things causing the bullish run on the Ethereum market.

exodusab

6 years ago

I think the focus may soon shift to Ethereum's Ether (ETH) as it approaches the final resistance zone before a big potential breakout. This is not only the case with the U.S. dollar pair but also with the Bitcoin (BTC) pair, as the latter may have just reached its cycle low.