Ethereum Price Prediction: ETH Could Rally To $1,000

At the moment of writing this article, ETH is trading in the green and the coin is priced at $384.58.

Since the Ethereum project has been launched, the smart contracts network gave life to a lot of crypto projects.

So many projects and so great success have also brought massive responsibility and challenges as well, as the online publication FX Street notes.

They also note that for Ethereum this means supporting programs that are currently executing on the blockchain, ensuring security and reliability, among other crucial things.

Ethereum developers are working for Ethereum 2.0

It’s also important to note the fact that Ethereum has faced some challenges related to “network congestion, scalability, transaction processing time, capacity, and the latest gas fees increase.”

The network devs have been working really hard for the massive upgrade Ethereum 2.0 (Serenity), in order to open up the network and handle the pressure thrown on it.

“The new protocol will see Ethereum migrate from the Proof-of-Work (PoW) consensus algorithm to the Proof-of-Stake (PoS) consensus. Other key features Ethereum 2.0 is bringing on board are sharding to ensure that the network scales to support a capacity of more than 1,000 transactions per second (TPS) and a new Ethereum Virtual Machine (EVM),” FX Street notes.

They also bring up Danny Ryan who said that there are five key design features that Serenity will bring which include: decentralization, resilience, security, simplicity, and longevity.

ETH 2.0 will launch in three phases – price trigger

Another important thing worth noting is the fact that ETH 2.0 has been designed to launch in three phases.

“Phase 0 is supposed to debut by the end of 2020. Phase 1 has been scheduled for 2021 ahead of phase 2, release either in 2021 or 2022,” the same online publication notes.

All this huge work towards the upgrade will bring the price of ETH to $1,000, according to FX Street’s analysis.

We recommend that you check out the complete details in the original article.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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