Briefly –
- Ethereum had its price touching a new high of $4,407 following its latest correction under $4,000.
- The ETH ecosystem underwent the 3rd update in about seven months.
- The Altair update in Beacon Chain’s first upgrade before Ethereum moves to proof-of-stake.
29 October sessions had ETH price rallying to a new ATH. That was after the blockchain underwent an upgrade. The network introduced the Altair update on 28 October. Keep in mind that this is one among the eth 2.0 pivotal update, shifting the ecosystem’s infrastructure.
Ethereum Price Climbs, Awaiting ETH 2.0
Ethereum saw its price declining under $4,000 early on the week following correction seen in the crypto spectrum. However, the meme coin rebounded within no time, recording another peak at $4,407 on 29 October.
The altcoin’s network underwent the Altair upgrade on 28 October. It is the initial ETH Beacon Chain upgrade since its inception last year. The Altair update is vital to Ethereum’s network as Beacon Chain shifts the blockchain to the PoS consensus model.
Keep in mind that more than 95% of validators participated during the Altair upgrade. That confirms that the platform users update their equipment without hurry to operate the latest software that connects them to the ETH ecosystem.
One among Altair’s aspects was to increase inactive/offline nodes penalties. As ETH 2.0 depends on staking, stakers need to lock a minimum of 32 Ethers for network security. Also, market players need to be online to access block rewards. Without that, the platform will slash stakes.
Validators that fail to upgrade their nodes might notice their balances reducing gradually. Without action, they might cross a threshold before being ejected. ETH’s protocol developer coordinator Tim Beiko said that Altair is vital as the blockchain move towards Ethereum 2.0. He confirmed that the update indicates the blockchain is ready for PoS transition.
ETH Targets $4,600
According to its daily chart, ETH price printed an inverse head-shoulder formation, nearly approaching the technical pattern’s bull target. Ethereum might surge to $4,600 in the short term before retracements might emerge.
The primary chart pattern shows that ETH has the chance of a 5% ascent to $4,611. Also, the RSI isn’t overbought, suggesting upward price actions. ETH has its first defense line at 25 October peak at $4,240, the $4,062, same day’s low. More support might appear at $3,973, then 21-day SMA at $3,921. Stay tuned for upcoming updates.
