ETH 2.0 is finally here after a long wait aiming to transform the Ethereum ecosystem
Ethereum entered the initial phase of the second edition which includes a massive amount of updates and a shift to Proof-of-Stake.
ETH price is expected to fly high as ETH 2.0’s successful implementation would scale Ethereum’s throughput by over 1000 times
ETH 2.0 Genesis Block is Ready to Mine
The most anticipated event which got delayed multiple times, finally officially launched. The Genesis block of the Ethereum 2.0 Beacon chain has gone live and all set to be mined. The Co-founder of Ethereum tweeted in this regard
ETH 2.0 was launched with more than 27,000 validators from across the globe bringing greater scalability and functionality to ETH network. More than 800,000 ETH was staked to trigger the launch. The launch took place with a total of 10 epochs, each having 32 slots.
Ethereum Price Dumps with ETH 2.0 Successful Launch
As the ETH 2.0 Beacon Chain was about to go live, the ETH price spiked high and touched $637 within minutes. The scenario flipped completely as the ETH 2.0 mainnet launched. Ethereum price along with Bitcoin and major crypto assets had a free fall.
The Ethereum price dropped as low as $562 wherein the 5 percent gain suddenly changed into a 5 percent loss. It appears that the Ethereum bears were all set to dump the ETH price below $600 within seconds of launch.
The last two candles indicate the impact of the launch. The green candle was just before the launch which hit $637 and the red candle was after the launch which dropped to $562 levels. The RSI indicators also fell straight from 76.81 to 44.09 flipping the bullish scenario to a bear well.
Currently, it appears that the ETH 2.0 Beacon Chain launch has impacted the ETH price negatively, but a ‘strong buy’ technical indicator keeps the hopes alive. The ETH price is expected to rebound strongly and touch the desired levels at the earliest.