- Ethereum has witnessed some intense selling pressure following its latest push higher, with bulls trying to defend $600 as bears aim at pushing it below this level
- The selling pressure here has proven to be quite intense throughout the past few days, but bulls have been able to absorb all of it and continue pushing it higher
- Where the rest of the market trends in the near-term will depend largely on the $600 level and ETH’s continued reaction here
- The overnight rejection at highs of $620 came about shortly after the ETH2.0 staking contract reached the threshold required for the network upgrade to be rolled out
- Bulls don’t seem too excited about this in the near-term
Ethereum and the aggregated crypto market have been pushing higher as of late, with bears being unable to gain any serious ground as bulls continue taking full control of the market’s trend.
Bitcoin is now trading firmly over $19,000 and is just a stone’s throw away from reaching its all-time highs.
This comes as Ethereum also shows signs of strength. In addition to holding above $600, the cryptocurrency may see some tailwinds resulting from the imminent rollout of Ethereum 2.0.
It will likely be a somewhat drawn-out process for the network to transition fully, but it is widely seen as a bullish catalyst.
Ethereum Shows Signs of Strength Despite Overnight Rejection
At the time of writing, Ethereum is trading down just over 1% at its current price of $603. This is around the price at which it has been trading throughout the past day.
The break above this level was technically significant, and the fact that bulls have been able to absorb all the dips below this level is a positive sign.
So long as it holds above this level, it may soon see significantly further momentum.
ETH 2.0 Transition is Now Imminent; Bullish for ETH
Yesterday, the ETH2.0 staking deployment contract reached the minimum deposit threshold required to transition to 2.0.
As one data aggregator noted:
“Ethereum meets the minimum required deposit of 524,288 $ETH. The ETH 2.0 Beacon Chain will launch as planned on Dec 1st at 12PM UTC: – Phase 0 Success Rate: 111% – Phase 0 Unique Validators: 18,333 – Total Value Staked: 586,656 ETH – Unique Depositors: 1733.”
Image Courtesy of Unfolded.
The coming few days should provide insight into just how bullish the ETH 2.0 narrative will be.
Featured image from Unsplash. Pricing data from TradingView.