- Ethereum price broke $600 for the first time since June 2018.
- The highly anticipated Eth2 upgrade seems to be helping the smart-contracts giant gain a lot of traction.
Ethereum is currently trading at $601 after finally breaking the psychological barrier at $600 for the first time in two years. At the time of writing, around 305,920 ETH has been staked in the Eth2 deposit contract, representing 58% of what’s needed for the contract to launch.
Ethereum aims for a big price target at $750
Ethereum seems to be finally catching up to Bitcoin after an initial breakout above $500 on November 20 followed by significant continuation moves in the next three days, reaching $605. The daily chart looks extremely strong for Ethereum price showing an increase in trading volume which adds more strength to the bullish outlook.
ETH/USD daily chart
The Eth2 launch on December 1 will only be possible if the required 524,288 ETH are staked inside. Initially, the contract had a slow start from November 4 until November 20. However, just in the past three days, almost 200,000 ETH has been deposited reaching 60% of what’s needed.
ETH/USD weekly chart
On the weekly chart, Ethereum seems to be posted for a breakout above the 0.618 Fib retracement line. The current price of $600 puts Ethereum above this resistance level, with a price target of $750 at the 0.5 Fib line and a potential high at $1,104, the 0.236 Fib.
At the current pace and considering the significant increase in price, it seems that Eth2 will most likely launch on December 1, which is also adding a lot of buying pressure towards the smart contracts giant.