In the past week, the cryptocurrency market ushered in a blowout. According to comparison data, as the cryptocurrency with the highest market value, Bitcoin, surpassed $15,000, Ethereum, the second in market capitalization, was also eye-catching. In the past 24 hours, it rose by 8% and exceeded $440, with a weekly increase of 16%.
Ethereum is regaining its sense of rising. Multiple factors may push the price of Ethereum to continue to rise in the next two months, and may exceed $500 before the end of the year.
From the perspective of technical indicators, Ethereum is currently challenging the resistance level of $450 after holding the $360 support level in September this year. A crypto analyst named pointed out on Twitter that if Ethereum fell below $360 at that time, it may continue to fall sharply; and if it holds the price, it may use this as a support to rise to $800 in one fell swoop.
Data from the encrypted data website Skew shows that the trading volume of Ethereum futures has increased sharply since the end of October, which also shows that traders are viewing $4.5 million as a key price of Ethereum.
According to IntoTheBlock’s data, 75% of Ethereum addresses are currently profitable, while this indicator of Bitcoin is 98%. Obviously more Bitcoin holders may choose to make profits through selling. The number of profitable addresses of Ethereum still has a big gap compared with Bitcoin. This is a positive indicator, indicating that there is still room for a rebound.
According to a report from “Betwee” this week, the Ethereum team officially announced that Ethereum 2.0 Phase 0 will be launched on December 1st this year. It also announced the first version of the Ethereum 2.0 specification, including the mainnet deposit contract for mortgage address.
This may become the last tipping point of the crypto market this year.
As early as the beginning of this year, Ethereum 2.0 was considered to be the second largest block reward halving event in the crypto industry this year, which may drive the price of Ethereum to rise sharply.
Under the staking system of Ethereum 2.0, users can get 15% rewards through staking. This will result in a strong demand for Ethereum tokens and a decrease in liquidity in the market, which in turn will drive prices upward.
According to comparison data, the price of Ethereum is 442 US dollars as of press time, and it only needs to rise 15% to break through 500 US dollars.