• Ethereum hits the highest level since July 2018 amid growing ETH 2.0 adoption.
  • On-chain metrics imply that ETH may continue moving upwards.

At the time of writing, Ethereum (ETH) is trading at $540. The second-largest digital asset with the current market capitalization of $61 billion and an average daily trading volume of $22 billion has gained over 6% in the last 24 hours and 18% on a week-to-week basis. 

The coin hit a new multi-year high at $563 during early Asian hours before the profit-taking pushed it back below $550; however, fundamental and on-chain metrics imply that the bullish run is not over yet.

Ethereum 2.0 support is growing fast

As FXStreet previously reported, ETH price movements grossly depend on ETH 2.0 support to secure at least 524 288 ETH  from 16,384 validators. On Monday, November 23, this precondition should be met to allow the developers to start rolling out Beacon Chain, the critical component of Ethereum 2.0, on December 1, in line with the schedule.

ETH 2.0 network status

ETH 2.0 network status

According to Ethereum 2.0 launchpad, 241,408 ETH are already staked, which nearly 50% of the required amount. Notably, In the middle of the previous week, the team managed to secure only 19% of the necessary amount.

The adoption rate jumped after a Dubai investment firm, IBC Group, transferred  $10 million worth of ETH to the deposit contract. At the same time, the co-founder of Ethereum, Vitalik Buterin, vowed to do whatever it takes to meet the deadline.

Ethereum price forecast

IntoTheBlock's "In/Out of the Money Around Price" model shows that the local support for the second-largest comes at $530 as nearly 500,000 ETH addresses purchased over 2 million coins around that price. If it is broken, the sell-off may be extended to a more significant barrier at $480. The IOMAP cohorts reveal that over 730,000 addresses previously purchased 10 million ETH between $473 and $490. 

ETH In/Out of the Money Around Price

ETH In/Out of the Money Around Price

Such a significant supply wall can absorb the bearish pressure and trigger a new bullish wave that will send the price back above $500.  Meanwhile, on the upside, there are little to no resistance barriers up until $620, meaning that the price is well-positioned to continue growing.


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple Price Prediction: XRP’s rise to $1 hinges on one crucial upside barrier

Ripple (XRP/USD) sellers have returned this Sunday, as the recent recovery from sub-$0.50 levels appears to lose steam. However, from a technical perspective, it looks like the bulls have taken a breather before the bullish reversal picks up pace. Acceptance above the key Fib 61.8% hurdle is critical to take on the $1 mark.

More Ripple News

Top 3 Losers Of The Week Synthetix, Compound, LTC: Fail to benefit from weekend love

Decentralized finance (DeFi) tokens are trying to catch up with the positive turnaround seen across the crypto board in the second half of this week. However, Synthetix, Compound, Litecoin have failed to benefit from the renewed buying wave. 

More Cryptocurrencies News

Ethereum holders bracing for ‘sell the news’ ahead of the ETH 2.0’s launch?

Heading into the ETH 2.0 launch on December 1, the Ethereum holders remain wary over the prospects for the second-most widely traded digital asset. Following last week’s slide, has Ethereum’s time finally arrived or is it a sell on the rollout news?

More Ethereum News

Top 3 Weekly Gainers Verge, ADA, VeChain: Shrug-off broad corrective trend

Crypto markets witnessed massive volatility over the past week, marked by the stellar performance in Bitcoin. Among the top 50 widely-traded digital assets, Verge, Cardano and VeChain emerged as the top performers, with Verge up 40% on the week. 

More Cryptocurrencies News


Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast