Ethereum Market Update: ETH/USD catapults above weekly SMA200, $300.00 on the horizon

Afri Schoedon, the pioneer of ETH2 multi-client testnets and an active member of the Ethereum community, believes that Ethereum 2.0 may be launched in 2020 provided that no critical bugs are found. He shared his views in the recent interview with Paradigm an investment firm focused on the blockchain industry.

The Ethereum 2.0 beacon chain will launch in November unless we find severe bugs in clients or protocol. I’m in-between Vitalk and Justin with my estimation here, I don’t think that we necessarily need to delay Ethereum 2.0 into 2021 unless we find critical issues. We are well on track for a late 2020 launch, he said.

According to Schoedon, official multi-client testnet Medalla will be launched soon, creating the final blocks necessary for activating ETH2 this year.

ETH/USD: Technical picture

At the time of writing, ETH/USD is changing hands at $265.00. The coin has gained nearly 9% on a day-to-day basis and stayed mostly unchanged since the beginning of the day. As the FXstreet previously reported, a sharp move above $260.00 created strong bullish momentum and pushed ETH/USD to $270.00. The price moved above 200-week SMA for the first time since the beginning of March. If the price settles above this technical barrier, the bullish impulse may take the price towards $300.00 in the foreseeable future.

ETH/USD weekly chart

On the daily chart, ETH/USD is supported by the upper line of the daily Bollinger Band located on approach to $260.00. This former resistance now serves as a strong support, which means the bearish pressure may slow down here. If it is broken, the sell-off may be extended towards $236.00 (channel support created by 50-day SMA and the middle line of the daily Bollinger Band). This development will negate the bullish scenario and bring bears back to the market. 

ETH/USD daily chart