While we get closer to the launch of Ethereum 2.0, ETH price also targets $ 300
Ethereum price has been caught in what can be described as a roaring rally on top of the mo over the past few days and weeks, with its sharp price increase even reinforced by rapid gains of Bitcoin exceeds $ 10,000. This active recovery has allowed Ethereum to be one of the top-performing cryptocurrencies for the past few days, and it seems to show no signs of slowing down at any time. While we get closer to the launch of Ethereum 2.0, we are still confused about all of the multiple aspects. Ethereum dev tries to make things clear!
Ethereum price increased by more than 12% and broke 230 as well as $ 240. ETH is currently heading towards the $ 300 resistance shortly.
ETH price increased by 12% to approach the $250 threshold, is $ 300 a reasonable target?
After the short-term correction, Ethereum dropped to support of $ 218. But very quickly, the support threshold of $ 220 was then set, and Ethereum triggered a new rally. A robust bullish candlestick is formed to advance to $ 225 and $ 230. The market then rallied to surpass both $ 230 and the 100-hour SMA.
During this rally, the market broke out of the triangular limit of $ 223 on the hourly candlestick chart. Ethereum has broken out of the $ 240 resistance and is currently approaching the $ 250 zone.
Hourly candle chart of ETH
A new high for 2020 is $ 248, formed after the correction. $ 242 support was also established, and it coincides with the Fibonacci 23.6% retracement level from the top of $ 248 to the bottom of $ 218.
On the other hand, $ 248 and $ 250 are the resistances to overcome. If the market rises above the $ 250 barrier, ETH can fully attack the $ 265 threshold. When this happens, $ 265 and $ 300 will be the next resistance.
If another correction occurs, ETH is likely to be able to hold above $ 230. The support near $ 235 and $ 233 is now the perfect platform to realize that. Besides, it should be noted that the Fibonacci retracement level of 50% from the bottom of $ 218 to the top at $ 248 is now $ 233. If falling further than this level, ETH will fall to the support of $ 225 and the 100 hour SMA.
In general, the market can still hold above $ 230 and $ 240. Therefore, if the price surpasses $ 250, the market will probably retest the $ 300 soon.
- MACD on the hourly candlestick chart: the indicator is heading towards the decreasing area.
- RSI indicator on the hourly candle chart: adjusting from the overbought area.
- Critical support: $ 233.
- Key resistance: $ 250.
Ethereum generated a significant momentum when heading towards $ 300
At press time, the price of Ethereum is trading around $ 251, up more than 14% in the past 24 hours. Yesterday’s decline took place after a long period of ETH trading sideways in the area below $ 220. Still, the bullish reaction at this level seems to confirm that the market structure of the cryptocurrency is rising sharply at present.
— Crypto Rand (@crypto_rand) February 11, 2020
One necessary information that may be relevant to ETH’s price action is that the Ethereum ConsenSys power plant may soon merge with JPMorgan’s Blockchain unit. Although the exact details surrounding the potential merger are still fuzzy. Even if this merger happens, that doesn’t necessarily mean that the bank will start investing in the Ethereum ecosystem.
Ethereum 2.0 will launch in 2020
In addition to the information above, Trenton Van Epps, community manager of the Whiteblock Web3 platform, in collaboration with Ethereum 2.0 team leader, Ryan Ryan, and a few Ethereum developers (ETH), published a long read on the most common misunderstanding about Ethereum 2.0.
I just published an article on Eth2 misconceptions
Hoping this can be a resource for casual observers returning to the space as well as community members,🔁RTs appreciated.
↓ Top 5 below ↓ — please tell me any others that I’ve missedhttps://t.co/hvpRF8OS8c
— trent.eth (@trent_vanepps) February 10, 2020
First of all, Van Epps rejected the notion that Ethereum 2.0 will not be released by 2020. He confirmed that the prediction of Ethereum 2.0 would be launched in the middle of the year is most accurate and worth listening to because the multi- The testnets client has been tested.
Currently, Ethereum 2.0 will not immediately turn Ethereum 1.0 into a deprecated chain. Both will coexist for some time. Only with the progress of the Ethereum (ETH) phases, the whole system will reach the point of Ethereum 1.0 is fully integrated into Ethereum 2.0.
However, this will not mean creating two new tokens, ETH1 and ETH2. Moreover, the Ethereum Foundation will not hold a hard fork in any way.
Van Epps stated:
“The Eth1 to Eth2 transition won’t cause any split, because Proof of Stake and sharding have been written since early.”
Van Epps emphasized that not all ETH2 solutions are implemented by Vitalik Buterin, co-founder of the Ethereum Foundation. With Ethereum 2.0, Vitalik is just one person in a more extensive network of researchers and contributors pushing forward efforts. Individually, 75 developers are working on Ethereum 2.0 full time during the growing group of individual contributors.
However, the implementation of Ethereum 2.0 will not solve all problems that challenge the new Ethereum 1.0 network. Most of the time, Mr. Van Epps outlined issues of community building and developer experience (DX), both in the core system and in dApps.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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