How Ethereum 2.0 Update Impacted the Price of ETH?
The first phase of the Ethereum 2.0 update, which had been postponed for a long time, was finally launched on Tuesday. So how did the major update affect Ether’s price?
Finally, the Ethereum blockchain has managed to take the first step towards switching the network to the Proof of Stake consensus mechanism. The first phase of an Ethereum blockchain upgrade – the beacon chain, has been launched.
The price of ETH showed signs of bullishness in the weeks before launch. With the arrival of Eth 2.0 or the Serenity, Ether’s price showed signs of volatility. Ethereum (ETH) climbed above the $ 622 level on Tuesday and even reached $ 635 within the day. However, this rise did not last long. The price soon dropped below $ 600 again.
Kosala Hemachandra, founder and CEO of MyEtherWallet, made a few statements about the update. He said everyone was equally motivated to overcome all obstacles of ETH2 and move forward to the next stage. He added that even as ETH price goes through various stages of ups and downs, Ethereum development is consistent.
Current Analysis of ETH Price
Even though the price managed to break the $ 600 resistance several times, it did not settle well above this level. For now, the Ethereum price started a good recovery wave above the $ 585 and $ 590 levels. The price is facing strong resistance near the $ 600 and $ 602 levels, according to expert analyst Aayush Jindal. Based on the analysis shared by Aayush Jindal, closing above $ 600 and $ 602 could push the price of ETH/USD parity further. For now, the next resistance level is near $ 610. With higher gains, Ethereum could surpass $ 636, the highest level of the year. The main support level for the 2nd largest cryptocurrency is $ 570, and the main resistance level is $ 600, according to technical indicators.
According to CoinMarketCap, at the time of writing, ETH is trading at $614, up 2.46 % in the last 24 hours.
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