Ethereum price breaks $600 in anticipation of ETH 2.0’s launch in December


  • Ethereum price broke $600 for the first time since June 2018.
  • The highly anticipated Eth2 upgrade seems to be helping the smart-contract giant gain a lot of traction.

Ethereum is trading at $601 after finally breaking the psychological barrier at $600 for the first time in two years. At the time of writing, around 305,920 ETH has been staked in the Eth2 deposit contract, representing 58% of what is needed for the contract to launch. 

Ethereum aims for a big price target at $750

Ethereum seems to be finally catching up to Bitcoin after an initial breakout above $500 on November 20 followed by significant continuation moves in the next three days, reaching $605. The daily chart looks extremely bullish for Ethereum price, showing an increase in trading volume which is adding more strength to the bullish outlook.

eth price

ETH/USD daily chart

The Eth2 launch on December 1 will only be possible if the required 524,288 ETH are staked on it. Initially, the contract had a slow start from November 4 until November 20. However, just in the past three days, almost 200,000 ETH has been deposited reaching 60% of what is needed to complete the launch. 

eth price

ETH/USD weekly chart

On the weekly chart, Ethereum seems to be poised for a breakout above the 0.618 Fib retracement line. The current price of $600 puts Ethereum above this resistance level, with a price target of $750 at the 0.5 Fib line and a potential high at $1,104, the 0.236 Fib. 

At the current pace and considering the significant increase in price, it seems that Eth2 will most likely launch on December 1, which is the main force behind the buying pressure seen towards the smart-contract giant. 

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

XRP Price Forecast: Ripple could be on the verge of a breakout to $0.40

After losing more than 60% of its value in December 2020, XRP has been trading sideways without much action throughout 2021. The SEC has sued Ripple alleging that it conducted illegal sales of XRP which they consider a security.

More Ripple News

Bitcoin price shows ambiguity as a 30% move is underway according to technicals

Bitcoin has been trading inside a tight range after establishing a new all-time high at $41,950. The digital asset plummeted down to $30,420 and then formed a lower high at $40,100 followed by what seems to be a higher low at $33,850. 

More Bitcoin News

XLM Price Prediction: Stellar awaits a massive breakout but remains inside a no-trade zone

XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. Let’s analyze some of the most important indicators to understand the most likely scenario.

More Stellar Lumens News

Ethereum Price Analysis: ETH bulls facing an uphill task inside short-term triangle

ETH/USD steps back from short-term resistance while declining to $1,256 during early Tuesday. In addition to easing from the immediate triangle’s upper line, Ethereum also drops from a three day high by press time. Monthly top, one-week-old ascending trend line favor bulls.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP