Over the past few days, several analysts have revealed that Ethereum [ETH] is probably going to fall within the very near term. They point to the asset’s rejection within the resistance range of $365 USD to $375 USD just a couple of days ago, which suggests a return to native lows.
Yet another trader agreed with this sentiment only recently, however, he added that with the expectation of a rally afterward.
He shared the chart beneath on 30th Sep., adding that after Ethereum [ETH] corrects, it’s likely to revert higher to $400 USD. While adding further, he revealed that there are some large holders supporting the cryptocurrency as per the warmth maps of leading exchanges:
“Midterm vision. I usually don’t look farther than 1 trade ahead, but this is sensible to me. ETH seems to REFUSE to dump. Hacks etc., & simplyno response. Also spotted some whales supporting on the heatmap this morning at $351 USD ~ $375 USD -> liquidity below $337 USD -> test $400 USD.”
Serenity or ETH2 Launch Expected For Soon
Supporting the Ethereum [ETH] bullish case is the upcoming launch of ETH 2.0 [a.k.a. Serenity or ETH2]. The upgrade is predicted to imbue the cryptocurrency with a staking premium, alongside giving it the capacity to scale over time to combat scaling concerns currently seen with Ethereum 1.0.
ETH2 is nearing as developers roll out a “rehearsal” testnet Spadina.
Unfortunately, there have been some issues with the testnet:
“Although the eth2 clients have generally become quite robust, the long await finality today highlighted issues closer to the sting of the stack — CLI options, testnet config, boot nodes, genesis calculation bugs.”
These bugs might also be addressed within the next rehearsal testnet, set to launch within an upcoming week or two.