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HomeCrypto NewsAnalysisEthereum 2.0 Is Launching On 1st Dec 2020. Analyst sets Ethereum Price target of $ 800

Ethereum 2.0 Is Launching On 1st Dec 2020. Analyst sets Ethereum Price target of $ 800

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Albert Brown

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Ethereum 2.0, the major update to Ethereum (ETH), can be launched depends on whether enough people are pinning their ETH in the deposit contract. For a long time, it seemed that the required deposit amount would not be achieved on time, but now it is looking a lot better.

Ethereum 2.0 marks the transition from the proof-of-work (PoW) protocol to proof-of-stake (PoS). This means that ETH holders can hold their Ethereum in the network and thus help with the processing of transactions. As a result, they gain rewards in the form of new ETH.

The update is a vast operation. Developers have long been trying to get the underlying code perfect. Subsequently, many test nets were launched to ensure that the new network’s launch go well. However, there is one factor that is still causing some headaches.

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For a successful launch, 16,384 validators must lock up at least 32 ETH. And that seven days before the scheduled launch date of December 1. This amounts to 524,288 ETH in total. The number of deposits lagged for a long time, making a launch on December 1 increasingly unlikely. Yet, there now seems to be a little more hope. As 55.5% of the required ETH has already been securely deposited.

 

Ethereum Continues Its Price Action.

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Meanwhile, the Ethereum price is also doing well. In the past seven days, the $ 500 resistance was broken, and ETH could eventually appreciate well over 30%. According to many analysts, the next target is above $ 620 and then there is no resistance at all till $ 800.

With resistance on higher timeframes – a real challenge was to break and hold above USD 570. The next target from there was be $ 618 daily / weekly. Ethereum needed to maintain crazy momentum to achieve that without first relapsing. Then We move to $ 800 straight.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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