The price of Ethereum has reached resistance above $600 as the much-anticipated launch of the Beacon Chain is scheduled to go live at noon UTC on December 1, 2020. This further indicates that the Ethereum price could potentially rally in the coming times ahead. Meanwhile, Ethereum community members who want to contribute can not only stake ETH to the new network but also run a client and earn bug bounties by testing each upgrade before it goes live.
The Launch of Ethereum 2.0 and the Ethereum Price
The launch of phase 0 in the Ethereum 2.0 upgrade will mark the first block on the new chain. According to Beacon Chain explorer, as of now, there are 872,000 ETH staked, equivalent to $525,000 at today’s prices.
The launch of the phase 0 upgrade will provide a mechanism for rewarding stakers for block validation. However, all Dapps, smart contracts, and transactions will continue working on the ETH 1.0 blockchain.
This signifies that gas prices will significantly shoot up as the current blockchain network will come under heavy load, considering the network continues evolving with its recent attraction towards DeFi.
Phase 1 of the Ethereum contract on the other hand will introduce scaling through sharding. This will introduce 64 parallel side chains to take off the load from the main blockchain while increasing efficiency.
Ethereum 2.0 is an upgrade to the current blockchain that aims to boost the speed, efficiency, and scalability of the Ethereum network. The move will greatly benefit the network and many projects that operate on Ethereum’s blockchain.
ETH Price Form Resistance Above $600
In the meantime, the price of Ethereum has returned to its June 2018 price high of $620, only hours before the launch. The ETH/USD chart represents forming a double top and heavy resistance, similar to back in early 2018. This could take the price of the Ethereum to rally to $800 where further resistance lies.
However, on the downside to this, support can also be found somewhere around $520. At the time of publication, the ETH price has retreated somewhere around $605.