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Home Crypto News Analysis Ethereum 2.0 Is Launching On 1st Dec 2020. Analyst sets Ethereum Price...

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

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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.

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.

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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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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