Ethereum has for weeks now remained in a tight range. Where investors once profited from volatile price action every now and then, they have had to contend with marginal changes.
Because of this, most traders have moved to other more action-ready coins such as Cardano’s ADA, Stellar’s XLM, and Chainlink’s Link. But could it be poised for a turnaround? The launch of Ethereum 2.0 Phase 0 is imminent now and its set to dictate the next price move.
Earlier in the year, ETH’s price action was pegged on the launch of the Ethereum 2.0 first phase. This is now expected in the next few days or weeks with scheduled upgrades dated sometime in August by the Ethereum foundation. It is to be noted that the coming upgrades were first scheduled for Q1 of 2020 but were delayed. After this delay, there was no notable price change but since the price has more than doubled as the event gained more exposure and investor FOMO set in.
A recent poll has however shown that a considerable number of investors think that the upcoming upgrades will again be delayed. This fear could explain why prices have stagnated in recent weeks.
If this is the case, we could see an already overbought Ethereum crackup. It would further lead to less adoption and developer exit as the network has in recent weeks suffered from scalability and expensive fees.
Is ETH at $500 Possible With Ethereum 2.0?
Despite this concern, one analyst believes that ETH is about to jump. While most have predicted that in the next rally Ethereum will top at $300, this analyst believes it will do even better to reach $500.
For this, the upgrades have to be successful and run as scheduled. One of its developers has hinted at some big development news.
With such continued development, Ethereum will get back on track and point up again. In the last few days, the altcoin has slipped below the $235 support, but investors are still optimistic about rallying above $250 and as high as $300 during the next bullish cycle.
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