A Biden win weakens the dollar against other currencies
The price of Ethereum (ETH) rose by around 6% today and reached a new 2-month high of $ 447.50
A possible correction to $ 420 will likely facilitate further buying as the bulls aim for $ 490 if $ 445 collapses.
The price of Ethereum (ETH) rose another 6% today to quickly bridge the gap between two resistance lines of $ 415 and $ 445.
Fundamental Analysis: Ethereum 2.0 will be launched on December 1st
The entire cryptocurrency market is screaming after the dollar came under heavy selling pressure due to Joe Biden’s likely victory in the US election. Further momentum is likely to come soon as Biden is sworn in, which will weaken the greenback against other currencies.
Elsewhere, the Ethereum Foundation has said the long-awaited Ethereum 2.0 network update will be introduced on December 1, a change from the original plan, which foresaw the update to be introduced on January 3, 2021, the platform said in its blog. official posting.
After the update, the Ethereum blockchain will change its operating model from a proof-of-work (PoW) model to a proof-of-stake (PoS) model, thus coupling its cryptocurrency to the network for security.
For the update to take effect, 16,384 validators will need to use at least 32 ether, which is around $ 12,800 at the time of writing.
The first phase of the update is the introduction of the Beacon Chain, which will facilitate the transition, which is considered the Genesis event of Ethereum 2.0.
“We have strengthened Ethereum 2.0 as much as possible with simulated test environments, formal reviews and audits,” said Joe Lubin, Ethereum co-founder and CEO.
“We are incredibly excited to see how the community is moving around the first phase of Eth2, now that real value is at stake.
As noted earlier, the most important aspect of this update is the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which allows you to maintain the blockchain more efficiently.
In addition to this change, the second most important update is the inclusion of the share in the Ethereum network, which is expected to be released at a later stage. Sharing means that only a fraction of the nodes are required to authorize a transaction, improving the reach of the network.
Update 2.0 will be rolled out in stages over the next few months, with the introduction of the beacon chain as the first stage.
Technical analysis: a new high of 2 months
The price of Ethereum (ETH) rose about 6% today and reached a new 2-month high of $ 447.50. Buyers were able to quickly close the gap between the previous resistance line at $ 415 and $ 445 as the cryptocurrency market is in strong momentum.
Ethereum (ETH) Daily Price Chart (TradingView)
In last month’s analysis, I predicted that, given the recent upward momentum in November, ETH buyers are likely to push towards USD 415 and USD 446. From here, any drop to $ 420 is seen as an opportunity to go long and set the next $ 490 target if the $ 445 weakens.
Summary
The price of Ethereum (ETH) rises and reaches a new high of 2 months. Elsewhere, the Ethereum 2.0 update is expected to be released on December 1, the Ethereum Foundation wrote in a blog post.
