Ethereum, the second-largest cryptocurrency by market volume, has presented mixed moves in recent some weeks. Yesterday, it did not perform well, but today, it is showing positive movement following Bitcoin.
Crucial Time for Eth
Analysts believe that its next move will determine the next ETH price trend. In the past, Ethereum has outshined the leading digital asset.
The recovery from Yesterday lows shows that it has the stamina to come out of selling pressure after finding strong support.
A Twitter analyst said,” I found it interesting that ranges have become longer in duration as price appreciated. Plus a clean trend.”
Another analyst shared his sentiments recently for Eth mid-term trend. According to him, it needs to overcome $245 to reach $275:
ETH HTF Update: Currently, ETH seems to be testing this major level of resistance once again, this is a critical point for momentum if this gets S/R flipped. Flip $245 and I think we see $275 quickly.
Importance of Ethereum 2.0
The network update, Ethereum 2.0, is in debate for a long time, and the community is waiting for it anxiously. It will launch in phases, and the first phase “Phase 0” will only activate the staking option for users.
According to the plan, Ethereum 2.0 is set to launch in 2020 but some prominent staff names in the Ethereum foundation believe that it may go live in 2021.
Justin Drake, the researcher at Ethereum Foundation, proposes that the new update may roll out in January 2021. In response, Ethereum founder Vitalik Buterin said he would “favor launching phase 0 significantly before that date regardless of level of readiness.”
The developer said:
I’m inclined to say eth2 phase 0 is a little simpler on-net. Also, eth2 is not going to have any critical applications depending on it until phase 1, so the practical risks of breakage are lower.
The network update is very necessary for growth and survival. The competitors of Ethereum have been criticizing it for a long time.
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