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  • ETH jumps to the new 2020 high ahead of ETH 2.0
  • The next bullish target is set on approach to $700. 

ETH hit a new high of 2020 at $626 (data from Coinbase) as the market is expecting ETH 2.0 launch. The rollout is scheduled for today, 12 UTC, and it will start the new era for the second-largest blockchain ecosystem in the world.

ETH is on fire ahead of ETH 2.0 launch

At the time of writing, ETH is changing hands at $628 with an upside trend is gaining traction. The on-chain data provided by Intotheblock shows that the bulls will face little to no resistance until at least $710.  The price may reach the new psychological barrier before the ETH.2 launch as the market is playing by ” buy the rumor, sell the fact script.”

ETH's In/Out of the Money Around Price" (IOMAP) 
ETH’s In/Out of the Money Around Price” (IOMAP)

On the downside, In/Out of the Money Around Price” (IOMAP) model shows that there is significant support around $550.  About 535,000 addresses bought over 7.8 million ETH between $530 and $550, meaning that the selling pressure may slow down here. 

The key technical levels to watch

According to the confluence detector, ETH is sitting on top of strong support created by a combination of November high and the short-term EMA. Once it is broken, the sell-off may be extended towards the psychological barrier of $600. This support is highlighted by Fibonacci 38.2% daily and 15-minutes Bollinger Band lower boundary. 

The next barrier lies on the approach to $550 and is home to the Fibonacci 23.6% monthly and the 4-hour Bollinger Band middle boundary. 

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ETH/USD confluence chart

On the upside,  a sustainable move above the local resistance created by the Pivot Point 1-day Resistance 1 at $630 can trigger further growth towards $700 guarded by the Pivot Point 1-month Resistance 1.