Ethereum price could rise steadily towards the $495 and $500 levels in the near term
Ethereum corrected lower, but it found a strong support near the $ 465 level. ETH price is currently rising and will likely rise further towards $ 500. At press time, ETH is trading around $ 484, which increased by nearly 5% over the past seven days.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price is showing a lot of positive signs and is currently above key support
Ethereum corrected lower below $ 495 levels, but the bulls can defend the $ 465 ETH zone that appears to be forming a strong support base above $ 465 and the 100 hourly simple moving average.
The recent low was near $ 470 before the price moved higher. There has been a break above the $ 475 and $ 480 resistances. More importantly, there has been a break above a major contractual triangle with resistance near $ 478 on the hourly chart of ETH/USD.
The Ether price rallied above $ 485 and tested the $ 490 zone. It is currently consolidating the gains and trading near the 23.6% Fib retracement level of its recent up move from the $ 470 low to $ 489.
The first major support is close to $ 480. It is close to the 50% Fib retracement level of the recent up move from the $ 470 low to the $ 489 high. On the other hand, the $ 490 level is a short term resistance. A clear break above the recent high could open the door for further advances towards the $ 495 and $ 500 levels. The next target for the bulls can be $ 520.
If ETH starts a fresh decline from $ 490 or $ 495, it is likely to find support near $ 480. The first major support below $ 480 is close to $ 472 as it is close to the 100 hourly simple moving average. Major support is located at $ 465. A successful close below the $ 465 support can initiate a significant drop, and ether can drop to $ 450 levels.
Ethereum 2.0 – The expectation factor for ETH is delayed
Speaking on a Reddit Ask Me Anything session on November 17, Vitalik Buterin and a number of Ethereum Foundation members commented on the future of the network and the highly anticipated launch of ETH 2.0.
When questioned about a complete timeline for sharding and the consensus migration, Buterin explained that scaling may be ready before staking:
“For the merge, I would say less than a year is not realistic. Even if a complete merge implementation fell out of the sky in February, I would recommend we sit on our butts until November or so to convince people that PoS is safe.”
Highlighting a comment I made in the reddit AMA yesterday that got buried but I think expresses something important: pic.twitter.com/NR2Y7GWY9U
— vitalik.eth (@VitalikButerin) November 19, 2020
He stated that sharding can be done whenever it is reasonably stable, and he would be happy not waiting too long to get it out there.
During the AMA, it was also revealed that the proposed Ethereum WebAssembly (eWASM) smart contract redesign has been temporarily suspended. Lead developer Danny Ryan stated that he wasn’t certain that eWASM would ever make it to mainnet. eWASM is an alternative to the currently used Ethereum Virtual Machine (EVM) offering even greater throughput.
EVM is becoming somewhat of a blockchain standard in and of itself and there is a staggering amount of existing contracts, tools, languages, and optimizations all ready for it.
At press time, there had been just over 108,000 ETH staked into the deposit contract according to the ETH 2.0 Launchpad. This represents just over 20% of the target which was expected to be reached by November 24, enabling a one-week period before the Beacon Chain genesis event on December 1.
You can see the Ethereum price here.
- Ethereum Price Currently Correcting Gains After Failed To Test $500, Showing Bearish Signs Below $470
- The Dubai Investment Firm – IBC Group – Staking $10 Million Worth Of ETH To Support The Ethereum 2.0 Launch