The initial phase of the ETH 2.0 multi-stage launch will begin on December 1, will Ethereum price be affected?

Ethereum price has been swept up in a strong bullish trend throughout the past few days and weeks. At press time, ETH is trading around $ 615, up almost 10% over the past seven days. Some have suggested that ETH may be in the early stages of the next parabolic move. This happens when it breaks out of the last major resistance level before $ 800.

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Source: Launchpad Ethereum.org

The first phase of ETH 2.0’s multi-stage launch will start on December 1, will Ethereum price be affected?

As progress from Ethereum.org, the amount of ETH sent to stake on the Ethereum 2.0 network exceeded the threshold needed at 2:30 UTC on November 24 – around 524,288 ETH – to initiate the Beacon chain launch. The beacon chain can be considered as a backbone for Ethereum 2.0.

As the chart below demonstrates, the contract started to grow rapidly on November 20, then accelerated on November 23, the last day before the 12 o’clock UTC deadline of November 24. The aforementioned Beacon chain forms a key part of integrating sharding, which refers to what is essentially the splitting of the Ethereum network into pieces or “shards” as a transaction scaling measure.

Ethereum shows great strength as the bulls attempt to break down of $ 600

At press time, Ethereum has surpassed $ 600; the selling pressure here is quite strong and can continue to remain strong in the short term. However, a sharp break above this level would be significant and open the door for significant upside momentum. It is important to note that resistance here is the last key resistance to face until $ 800, making a break above this level technically.

The current market trend is playing out just as investors have predicted, with Bitcoin leading the charge, slowing down as it nears an all-time high, and allowing altcoins to have explosive momentum. Ethereum is leading higher fees among altcoins, and the fractals of an analyst suggest that its uptrend is just beginning.

Crypto trader Capo of Crypto stated:

“ETH: Everything lines up.”

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Whether or not Ethereum can break and hold above this level for a long time will provide some insight into its medium-term prospects.

You can see the Ethereum price here.

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