Quick take:
- ETH2.0 could finally launch as early as November this year
- This is according to a developer update published on September 11th
- Launch in November could explain why Ethereum whales are accumulating ETH
- The price of ETH could very well break $400 and keep moving on up
The launch of ETH 2.0 has been one of the most anticipated events in the crypto-verse for the year 2020. The initial launch was set for July of this year however, the Ethereum upgrade turned out to be more complex and needed more time to be launched.
Ethereum’s ETH 2.0 Could be Launched in November
The guessing game of when ETH 2.0 will be launched might finally be over as captured by the team at Unfolded via the following tweet and accompanying Medium blog post by Raul Jordan. Mr. Jordan is part of the team building Ethereum 2.0.
Ethereum 2.0 to launch in November 2020https://t.co/MuCJpVgf6H
— unfolded. (@cryptounfolded) September 12, 2020
In the accompanying blog post, he gives a November estimate for the launch of ETH2.0 on the condition all things run smoothly leading up to the upgrade.
Out of [a checklist], only a few are features, which means that we can likely perform a feature freeze by mid October, allowing us to only work on security improvements and UX before going live. If all goes well, November is still looking good for a launch from our perspective.
A November Launch Could Be the Reason ETH Whales are Accumulating
With the month of November less than 60 days away, the prospects of ETH2.0 launching before the end of the year could be the reason Ethereum whales continue to accumulate ETH in anticipation of Proof-of-stake and the accompanying price rally due to the event.
What the Charts Say About Ethereum
From a fundamentals point of view, the resolution of the SushiSwap debacle might have patched several trust issues in the DeFi industry thus allaying any new fears that the Etheruem network was an avenue for scammers. At the time of writing, the price of Ethereum has pushed past the $365 resistance level and is currently trading at $368.
Further taking a look at the daily ETH/USDT chart, the following can be observed.
- Although reducing, the daily trade volume is in the green
- The MACD is about to cross in a bullish manner below the baseline
- MFI is low at around 32, hinting of potential consolidation of Ethereum at the current $365 price level
- Ethereum’s resistance levels remain the same at $400, $420, $450, and $490
- An Ethereum 2.0 launch in November could provide the fuel needed for ETH to break these levels
As with all analyses of Ethereum, traders and investors are advised to use adequate stop losses and low leverage when trading ETH on the various derivatives platforms.