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 price

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 price


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 price

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!