Today is one of the important days of the Ethereum platform. Many users are waiting for the Ethereum 2.0 successful update, which should revolutionize the crypto world. First of all, this update aims to make the DeFi system work more efficiently, especially for scalability. Frequent congestion of the platform during market activities led to a sharp gas price increase. Of course, if Ethereum 2.0 will be able to solve these problems, we will see a bright future for both the project and the DeFi system. However, will this fact be able to influence the ETH price growth continuation at least to $840?
Holding $480 Added Inspiration to ETH Buyers
As we can see in the chart, preparation for the ETH 2.0 launch is actively supported by buyers. Throughout November, buyers were actively buying Ethereum. The volumes were much higher than average and still are. The BTC fall provoked ETH sellers to test the strength and mood of buyers. Though, the critical point – the range of $460-480 has stood and even remained intact.
The current growth momentum looks just as dangerous as the previous one. Buyers are trying to accelerate growth by leaving the channel. However, the second time they received resistance after updating the local high.
The situation with Ethereum has shown that the BTC influence remains the main one on the cryptocurrency market. And only under favorable market conditions and a strong BTC position, the positive fundamental factors will have a force that will affect the ETH price.
Sellers’ Aggression in the $600-620 range may prevent the Trend Continuation
Today’s update of the local high in the Ethereum market ended with a sharp fall of the ETH price by 10%.
Sellers are becoming active in the range of $600-620 again. Therefore, only after a confident fixing above this range, we can confidently declare the readiness of the ETH price to move to $840.