- Ethereum could soon skyrocket as high as $850.
- The next resistance is just under $600.
- Over 290,000 ETH Staked on ETH 2.0.
- Other altcoins like WaterDrop, Jobchain, Veles, Yearn.Finance (YFI) price spiked.
Analysts explained that Ethereum could soon skyrocket as high as $850. Other altcoins’ prices are also increasing indicating altseason.
Trader forecasts ETH price of $850
The launch of Ethereum 2.0 is a catalyst for ETH price increase. According to CoinGecko, ETH is recording a 10% gain leading to a price of $586.31. A good Ethereum price prediction puts the ETH price over $700.
[image lightbox=”1″ caption=”ETH Price Chart 1-Month (Source: TradingView) “]https://thenewscrypto.com/wp-content/uploads/2020/11/ETH-Price-Chart-1-Month-1.jpg[/image]
Trader and analyst George mentioned on Twitter that ETH could rise quickly to $850. The next resistance is just under $600 and can be overcome. In the chart below he mentioned that ETH could reach a new high in 2020.
Above $600 no sell order or other resistance could stop the price. The analyst also advises his followers to standby until ETH has overcome the resistance to open a position in ETH.
[blockquote footer=””]Buying here makes little sense to me. I’d wait for reaccumulation around former resistance or for a break above range mean / weekly supply to target $850 next.[/blockquote]
[image lightbox=”1″ caption=” ETH Could Reach A New Local High”]https://thenewscrypto.com/wp-content/uploads/2020/11/ETH-could-reach-a-new-local.jpg[/image]
More Than 290,000 ETH Staked on ETH 2.0
The Ethereum 2.0 deposit contract has over 290,000 ETH staked. Apparently, this is over 50 percent of the required amount to activate the Beacon Chain. However, in the last three days more and more companies are participating. The investment firm includes IBC Group from Dubai, which paid over 22,000 ETH into the deposit contract.
The Ethereum 2.0 phase zero will launch on December 1. For the launch to happen, the ETH 2.0 contract must get a total of 524,288 ETH (approx. $200 million). Moreover, the said total can be collected by 32 ETH on every 16384 deposits.
From November 20 to 22, a total of over 130,000 ETH have been deposited. If this level continues, the target amount could be reached by November 25. Otherwise, the ETH 2.0 launch might be postponed.
The ETH 2.0 deposit contract address has reached over half a percent of its target. This is a significant milestone for the much-awaited upgrade of the second-largest blockchain.
Other Altcoins Price Spike
However apart from the ETH price spike. There is also a price spike of other altcoins. XRP recovered from its price crash during the first quarter of 2020. As per CoinGecko, the XRP price is at $0.51, at the time of writing.
Also WaterDrop (WDP), a decentralized token platform built on the Ethereum blockchain network price spiked. According to CoinGecko, WDP recorded a 61.7% gain leading to a price of $59.35, at the time of writing.
Other altcoins include Jobchain(JOB), Veles (VLS), Yearn.Finance (YFI) records a gain of 774.93%, 334.12%, 200.92% that leads to a price of $0.001096, $0.063614, $64.89 respectively.