ETH/USD: Ethereal Summit may inspire short-term ETH gains

Ethereal Summit may help to increase bullish momentum for ETH/USD.
Ethereum 2.0 will be one of the main topics for discussion.

Tanya Abrosimova Independent Analyst

Ethereal Summit, a virtual crypto conference devoted to the Ethereum project and cryptocurrency industry in general, will go live today, May 7 at 7:15 am EST. Everyone can register and participate in the event for free, via their computer of an internet-enabled device.
Currently, there are over 4,000 registered for the two-day conference that will feature Binance CEO Changpeng Zhao as a keynote speaker who will present an opening speech.

This year, the speakers and panelists will focus on such topics as decentralized finance (DeFi) and the upcoming release of Ethereum 2.0. All speakers, including Ethereum’s cofounders Vitalik Buterin and Joseph Lubin, will participate from their locations in quarantine.

Many industry events were canceled or delayed due to coronavirus pandemic and global travel restrictions. However, many events were brought from offline to online format. Moreover, many of them are free of charge, which allows more people to participated and get involved in the cryptocurrency industry.

Ethereum 2.0 is set to go live

As the team of Ethereum developers plans to start the deployment of Ethereum 2.0 update as early as in summer 2020, this topic may be widely discussed during the conference. Recently, BitMEX Research published an analysis devoted to Ethereum 2.0 launch. The experts believe that the deployment of the first stage won’t be as important as it is portraited as the full transition to a new network will take many years. The process is incredibly complex and it is still unknown what issues and difficulties may arise.

Anyway, ETH price is expected to grow initially as a lot of coins will be locked in Ethereum 2.0 due to staking functionality. This will result in the decreased supply and, consequently, lead to a price increase.

At the time of writing, ETH/USD is changing hands at $205.00, having gained nearly 3% since the start of the day. However, the short-term recovery is limited by $210.00. The support is created by psychological $200.00

ETH/USD daily chart

Author

Tanya Abrosimova

Independent Analyst

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