Ethereum (ETH) will be transitioning from PoW algorithm to PoS with the ETH 2.0 update shortly. This important protocol upgrade, which is expected to take place in the third quarter of 2020, will pave the way for crypto-economic incentives. In short, those who have ETH will be rewarded by the network for their contribution to keep the network secure. This will also make it easier for Ethereum whales to use weak price movements to increase their position movements.
Meanwhile, the number of addresses between 100,000 and 1,000,000 ETH has increased by about 5% since the beginning of the month. At the moment, the number of addresses with Ethereum between $ 23 million and $ 230 million is 160 and this is the highest number ever recorded.
Speculation around Ethereum has been gathering around the ETH 2.0 protocol recently. Decentralized finance (DeFi) applications that will work on this protocol have the potential to bring many innovations to the crypto market. For this reason, with the ETH 2.0 update, the growth of these projects can also have serious effects on the price of ETH.
Crypto derivative analysis provider Skew has confirmed that the price of the smart contracts giant can double. In the current market conditions, especially with the innovations behind Ethereum, the probability of the price of ETH to be $ 480 by the end of the year increased to 7%.
The firm believes that stablecoins and DeFi tokens that can work on Ethereum will be “more sustainable” and suitable for the market. According to Skew, these projects have the potential to add more value to the giant contracts giant in the long run.
The Obstacle to Ethereum According to the IOMAP Model
It bought about 1.14 million addresses, about 7 million ETH from $ 235 to $ 242. These price levels have the ability to absorb any pressure bulls can overcome as well as being considered an important obstacle to overcome.
However, if the buying pressure behind ETH is strong enough, it could break the price above this resistance barrier. According to IOMAP, it is enough for Ethereum to rise to $ 280 to pass this supply wall. After passing this wall, there is no significant obstacle in front of Ethereum for now.
Ethereum (ETH) is trading at $ 244 as of writing.