$700 Target is imminent for Ethereum, How long will it take?
Ethereum price successfully maintained and did a monthly close above $600, which indicates a bullish trend for the digital asset. The ETH price is on the verge to test the resistance levels at $618 and maintain above the levels to continue the bull run.
In fact, when the ETH price declined from $624 levels to as low as $478 levels within hours, many anticipated the price would drop down below $400. But it did the exact opposite and opted for a v-shaped recovery.
In the meantime, the ETH staking on the ETH 2.0 deposit contract address also exceeded the required amount by 50%. More than 700,000 ETH were staked and hence the launch of ETH 2.0 was triggered on 24 November 2020 as per the schedule.
As the ETH 2.0 beacon chain is expected to go live shortly, ETH price is expected to skyrocket. The prominent movement currently is to test the resistance levels at $618 and later to jump above $687 and finally surpass $700 in coming days.
However, considering the current price, ETH price at the time of composition stands at $607.7 with a gain of 4.03 percent in the past 24 hours. The market sentiments and the technical indicators are very bullish and point towards the ‘Buy’ signal.
Confirming ETH Blocks are Difficult now!
As the ETH 2.0 Beacon Chain launch is around the corner, the Proof-of-Work difficulty just hit an all-time high. As Coinpedia reported earlier that, the ETH nodes have exceeded than that of Bitcoin nodes in just a month, the difficulty levels have also increased.
The Co-founder of Ethereum, Vitalik Buterin tweeted that, the highest average PoW difficulty level of 3616.421 TH was recorded on Monday, 30 November 2020.
Additionally, the Gas fees had also skyrocketed to 392 Gwei when ETH price surged to $624 levels, which dropped with the ETH price plunge below $480. In fact, the gas fees rose touched 148 Gwei on 30 Nov 2020, when ETH price again attempting to touch the yearly highs.
But currently, the gas fees have dropped to 30 Gwei which is about to surge yet again. Therefore the whole crypto space is looking at the launch of the Beacon chain and hopes that the high Gas fees issue is addressed.