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.”
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