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Ethereum set for ‘sustained price rise’, according to analyst

Ethereum is incredibly close to continuing its superb performance of later having broken above the $600 level of resistance.

The world’s second largest cryptocurrency by market cap is now set for a “sustained price rise”, according to eToro analyst Simon Peters.

Peters goes on to say that ETH 2.0’s highly-anticipated launch on December 1 will act as a catalyst for the upcoming rally.

“It is hugely positive that the migration [to ETH 2.0] can begin as scheduled and once staking rewards are distributed, I should imagine more people will look to participate by buying ether on exchanges or online platforms.

ETHUSD chart by TradingView

“However, ethereum has seen a strong price increase over the last few weeks, making the cost of buying 32 ether to operate a node more costly. Currently sitting at $611, ETH remains far below its all-time high of $1,430.

“From a supply and demand perspective, the community should also note that there is a lot of ether locked in to DeFi protocols, although it has taken a dip in recent weeks. Combine these locked away tokens with the newly staked ETH and there is a possibility of a supply side shock.

“Nevertheless, if people see the long term value that this migration could have on the network, we could see the value of ether continue to sustainably rise.”

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