- Ethereum price continues climbing above $600 as Coinbase just announced its support for Eth2.
- More than $500 million worth of ETH has been staked inside the Eth2 deposit contract.
Eth2’s phase 0 will launch on December 1 allowing everyone to finally stake their Ethereum coins. Coinbase, one of the largest exchanges in the world, announced its support for ETH2 enabling customers to stake on the exchange itself.
Ethereum price aiming for $800 if buying pressure continues mounting up
Ethereum is currently trading at $604, on the verge of breaking the 2020-high at $623. On the weekly chart, the digital asset seems to be facing only the $623 resistance level before a potential rise to $800.
ETH/USD weekly chart
Coinbase intends to enable customers to stake ETH2 and convert them into ETH coins and vice-versa. These features will be available starting in early 2021 for all eligible jurisdictions. The announcement is adding more credence to the bullish outlook for Ethereum price.
ETH New Addresses chart
Additionally, it seems that the number of new Ethereum addresses has seen a massive spike on November 27 from 170,250 to a current high of 352,640 per day. This is a significant growth showcasing the interest in the digital asset.
In our latest technical analysis of Ethereum, we discussed the potential bullish price targets on the way up. It seems that a breakout above $624 would quickly push Ethereum price to the 1.618 Fib level at $720 on the 4-hour chart.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.