He shared the chart below on September 30th, noting that after Ethereum corrects, it is likely to revert higher to $400. He added that there are some whales (large holders) supporting the cryptocurrency as per the heat maps of leading exchanges:
“Mid term vision. I usually don’t look farther than 1 trade ahead, but this makes sense to me. ETH seems to REFUSE to dump. Hacks etc., and simply no response. Also spotted some whales supporting on the heatmap this morning at 351~. 375 -> liquidity below 337 -> test 400.”
Supporting the Ethereum bull case is the upcoming launch of ETH 2.0 (a.k.a. Serenity or ETH2). The upgrade is expected to imbue the cryptocurrency with a staking premium, along with 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 were some issues with the testnet:
“Although the eth2 clients have generally become quite robust, the long wait for finality today highlighted issues closer to the edge of the stack — cli options, testnet config, bootnodes, genesis calculation bugs.”
These bugs may be addressed in the next rehearsal testnet, set to launch in a week or two.
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