Ethereum surpassed the 600 level yesterday for the first time since June 2018. On Bitstamp, Ethereum peaked at 623, but failed to hold above the 600 level, and dropped to 596 by the time of publication.
The skyrocketing price of Ethereum is associated with the long-awaited launch of Ethereum 2.0. The bull rally began on November 4 when it was announced that Ethereum would launch on December 1. Along with this, a deposit contract was in effect, which raised funds for the launch.
Validators have successfully replenished the deposit contract up to 531,872 ETH. Thus, the threshold was exceeded by 1.4 percent, and the network has reserved a volume for up to two years, which at current prices is more than USD 321 million. The planned number of validators, 16 384, has also been exceeded.
On the hourly chart of the ETH/USD pair, a triangle is forming with resistance at 600 and support at 590. A successful break above the 600 resistance level will open the way for the price to the 612 area. A break of this level will help the ETH/USD pair return to the 620 resistance area.
If the ETH/USD pair falls below the lower border of the triangle, it may drop to the 580 resistance area. Below this level, the 100-hour MA will support the Ethereum price. A break below the 100-hour MA could trigger a deeper correction to the 565 area.