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.
“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.”
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.