Although we received the positive news for the long-awaited ETH 2.0 that just dropped on Wednesday of last week, published by the Ethereum Foundation's Danny Ryan, the price for the 2nd largest crypto has failed to close over a major resistance level holding the price back at $470.
Since the start of this month, long-term holders have priced in this news, rocketing the price up to $468, just short of $470, after starting this month around the $385 support area. This news has been price in and since the weekend, Ethereum has been making lower highs (more evident on lower timeframes). From here if ETH closes below $444 support level which it's been in constant battle fighting for, then the next targets i'm looking at for a re-entry would be $430 & $415.
This news breaking that ETH 2.0 is finally hitting the mainnet is huge news for the coin, but we should see a little dump before 2.0 goes live. Ryan wrote in a blog post that said "to trigger genesis at this time, there must be at least 16,384 32 ETH validator deposits 7 days prior to December 1, if not, genesis will be triggered 7 days after this threshold has been met (whenever that may be)".
You can view the contract address live where people can send their 32 ETH to stake and become a validator on the network. At the moment, 32 ETH costs around $14,000, and that's the price to become a part of the network. This value in price of US dollars is constantly fluctuating because of the volatility of Ethereum, but the 32 ETH will always stay the same.
Right now ETH just doesn't look good to long, even with the pumping US stock market, BTC and other crypto assets across the board are having a tough time continuing their rallies after rallying very hard last week. Now is the time to sell the news and stack more Ethereum at a lower price.
I'm looking at a short with these two targets:
TP1 🎯 $430
TP2 🎯 $415
$415 is the top of the previous spike up in price prior to last week's push to $470. I believe these cryptos will correct a little bit before heading back up.
Since the start of this month, long-term holders have priced in this news, rocketing the price up to $468, just short of $470, after starting this month around the $385 support area. This news has been price in and since the weekend, Ethereum has been making lower highs (more evident on lower timeframes). From here if ETH closes below $444 support level which it's been in constant battle fighting for, then the next targets i'm looking at for a re-entry would be $430 & $415.
This news breaking that ETH 2.0 is finally hitting the mainnet is huge news for the coin, but we should see a little dump before 2.0 goes live. Ryan wrote in a blog post that said "to trigger genesis at this time, there must be at least 16,384 32 ETH validator deposits 7 days prior to December 1, if not, genesis will be triggered 7 days after this threshold has been met (whenever that may be)".
You can view the contract address live where people can send their 32 ETH to stake and become a validator on the network. At the moment, 32 ETH costs around $14,000, and that's the price to become a part of the network. This value in price of US dollars is constantly fluctuating because of the volatility of Ethereum, but the 32 ETH will always stay the same.
Right now ETH just doesn't look good to long, even with the pumping US stock market, BTC and other crypto assets across the board are having a tough time continuing their rallies after rallying very hard last week. Now is the time to sell the news and stack more Ethereum at a lower price.
I'm looking at a short with these two targets:
TP1 🎯 $430
TP2 🎯 $415
$415 is the top of the previous spike up in price prior to last week's push to $470. I believe these cryptos will correct a little bit before heading back up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.