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Ethereum is incredibly close to continuing its superb performance after breaking through the $ 600 resistance level.
According to eToro analyst Simon Peters, the second largest cryptocurrency in the world by market capitalization is now set for a “sustained price increase”.
Peters goes on to say that the long-awaited launch of ETH 2.0 on December 1st will serve as a catalyst for the impending rally.
“It is extremely positive that migration [to ETH 2.0] it can start as planned and once staking rewards are distributed, I imagine more people will try to participate by purchasing ether on exchanges or online platforms.
“However, Ethereum has seen a sharp rise in prices in recent weeks, making the cost of buying 32 Ether more expensive to run a node. Currently sitting at $ 611, ETH remains far below its all-time high of $ 1,430.
“From a supply and demand perspective, the community should also note that there is a lot of ether attached to the DeFi protocols, even though it has been declining in recent weeks. Combine these locked tokens with the ETH you just wagered and there is a possibility of a supply side shock.
“However, if people see the long-term value this migration could have on the network, we could see the value of the ether continue to grow sustainably.”
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