Lorenzo Stroe
Independent Analyst
- 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
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.