Lorenzo Stroe
Independent Analyst
- 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/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/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.
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