Ethereum Rallies above $550, Eth2 Postponement Highly Likely
The Ethereum price, over the weekend, rallied to new 2020 highs of $565. A parabolic rally, the coin is firmly on an uptrend at the back of interesting fundamentals. DeFi is pinned for the upswing. Others include the transition away from Eth1 to a more efficient network. Progress is below 50% a day before a likely postponement of the Beacon Chain mainnet launch.
Ethereum may have rallied to $565 a day before the postponement of the Bacon Chain mainnet launch for another week because the threshold conditions haven’t been met. Over 524k coins need to be staked for roughly a year, setting the ball rolling for the replacement of Ethash and better capacity in Ethereum. Regardless of the state of affairs and whether the ETH price will contract, the uptrend is firm since it is only a matter of days before Phase 0 of Serenity launches. The odds of activation in Dec are high but the probability of a Jan 2020 launch cannot be discounted..
The Impact on the ETH Price:
Mixed. The ETH price may consolidate until when there are certainties of when Eth2 will begin. A capacity improvement, the shift is part of the project’s overall plan and a remedy for the high transaction fees related to Ethash. With low fees, Ethereum will flourish, further supporting ETH prices.
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