Ethereum (ETH) Price Bounce Back Above $3k, What Can Traders Expect Next ? – Coinpedia – Fintech & Cryptocurreny News Media

Bullish morning ! It looks like today the bulls are back in charge with major cryptocurrencies signaling green. Amidst this bullish trend, the second largest cryptocurrency, Ethereum surpassed the crucial resistance level of $3,000 in the early hours today. 

At the press time Ethereum is trading at $2,989 just below $3000. Yet ETH bulls seem to be intact as the currency is still up by 4.3%. Even Bitcoin saw a jump of 3.4% hitting $42,323 at the time of writing.

The recent price rally comes after exchanges witnessed almost 200,000 ETH outflow from centralized exchanges in a single day. On the contrary the number of coins that are yet to be staked on Ethereum 2.0 contract has hit 300,000 ETH along with 10 million coins locked in the staking contract.

ETH Price Analysis

At press time ETH price is trading at $3k with 3% gains.The next key resistance is near the $3,050 level, above which the altcoin may gain bullish momentum. If the ETH Bulls remain intact the major altcoin can close Q1 Hitting $4k.

If ETH/USD fails to maintain above the crucial resistance levels at $3050 a fresh decline may start. In this case the ETH price may find support near $2,880. However, in extended bearish trend, the next major support is near the $2,820 level and may also test 2,750 level in worst case.

Ethereum 2.0 Merge Is On The Verge !

Earlier this week, Ethereum merged on Kiln testnet, with network validators now heading towards Ethereum 2.0 merge.

Here merge refers to installing Ethereum’s execution layer  (The term used for Ethereum’s current network) to the consensus layer of the Beacon chain (The term used for Ethereum’s upcoming proof-of-stake Blockchain).

Though the Kiln testnet merge was successful, developer Tim Beiko informed the crypto space via tweet that one client was not producing blocks & the issue is being looked into.

Ethereum 2.0 launch is one of the most awaited launches in the crypto space because once Ethereum moves to Proof-of-Stake ecosystem it will reduce the network’s energy usage by 99.5% making it even more environmentally friendly.

Final Thoughts !

Summing up, with the current merge on Kiln testnet and Ethereum 2.0 launch on the horizon, it looks like Ethereum bulls have geared up pushing ETH hard trading above $3,000 again!

Was this writing helpful?

Source: https://coinpedia.org/ethereum/ethereum-eth-price-bounce-back-above-3k-what-can-traders-expect-next/