The Ethereum price is still ranging inside a $30 zone with caps at $250.
However, considering the upbeat fundamental developments in the last 24 hours and more importantly, the revitalization of ETH bulls, odds are ETH prices will likely close above critical resistance zones.
Ethereum 2.0 multi-client testnet to launch in early August 2020
Fanning bulls are news that the Ethereum 2.0 multi-client testnet will launch in roughly two weeks or on August 4.
Through Discord, the launch organizer, Danny Ryan, said:
“After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of Aug 4 (likely 1 or 2 pm UTC). We shall also be showcasing “Launchpad” on this net, the educational deposit interface aimed at hobbyists. I expect the deposit contract and config to be made public in the next couple of days.”
This paves the way for the launch of the Beacon Chain mainnet, the foundation of a Proof-of-Stake system.
Danny Ryan said the release of the mainnet is subject to the absence of technical hitches, and its earliest launch date will be sometimes in early Nov 2020.
Eth2 Security Anchors on ETH value
Diverging away from the mining to validation, the upgrade places ETH price at the center of the protocol’s security.
In this arrangement, other than miners funneling their computing power to secure the network, the value of circulating ETH determines its security.
Specifically, there will be a preference for liveliness (high reliability) over security in the new Ethereum Proof-of-Stake (PoS) system.
Ethereum price analysis
Week-to-date, the Ethereum price is up versus the greenback but relatively stable against Bitcoin.
Noticeable is the sharp revival of ETH prices bouncing off from the main support at $230. Generally, the ETH price is ranging, oscillating within a $30 zone with resistance at $250 and support at $230, respectively. The 20-day moving average is also the immediate flexible resistance level.
Technically, the candlestick arrangement points to buyers. Since the ETH price is still in range mode inside July 6-8, 2020 bull bars, the path of least resistance is upwards. However, this is largely dependent on how buyers react at $250. A high volume close above this resistance level could pump the Ethereum price back to Feb 2020 highs.
Still, the presence of a double bar bullish reversal pattern after July 21, 2020 reversal may be an opportunity for aggressive traders to search for early entries. Any reversal back to the 20-day moving average could, therefore, present opportunities. For scalpers, $250 may be a target.
However, if ETH prices deteriorate below $230, and bears reverse bulls’ attempts, this bullish outlook will be null.
Chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. It is not investment advice. Trading of any form involves risk.
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