Ethereum Price jumps 7% as Vitalik Buterin releases ETH 2.0 deposit contract

  • Ethereum price spiked to $408 within hours of Vitalik’s ETH 2.0 announcement.
  • The long-awaited Ethereum 2.0 update seems to be scheduled for December 1, 2020.

Although it wasn’t officially announced at first, the deposit contract of Eth 2.0 was released quietly. This is the first physical implementation of the upgrade and comes with a countdown set for December 1, 2020. 

Vitalik Buterin, creator of Ethereum, did eventually post a tweet stating that the ETH2 deposit contract was released, but didn’t add anything else. This deposit contract is the key to the upcoming Proof of Stake consensus protocol. 

Ethereum Price Prediction: Can Ethereum finally hit $500?

Ethereum price was trading inside a daily ascending triangle from which broke out on October 22 hitting $420. Days later, the digital asset re-tested the previous upper boundary of the pattern but couldn’t hold it as a support level.

ETH/USD daily chart

Bulls did manage to defend the lower boundary of the triangle pattern which coincided with the 50-SMA and the 100-SMA at $380 and Ethereum price is now $402 after a significant spike thanks to the announcement of ETH 2.0. 

ETH IOMAP chart

The In/Out of the Money Around Price chart shows almost no opposition until $463 when compared to the colossal support area between $389 and $401, where 1.38 million addresses bought more than 11.6 million ETH, increasing buying pressure. 

ETH/USD 1-hour chart

On the 1-hour chart, the RSI is overextended and the TD sequential indicator seems to be on the verge of presenting a sell signal after a massive 5% candlestick. Validation of the signal can drive the price of Ethereum down to the 200-SMA at $388.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.