Ethereum (ETH) has had a relatively impressive run this year, as it retains traction towards its previous all-time high. At press time, ETH trades around the $3,200 level and is up by 6.5% over the past 24 hours.
That said, Ethereum founder Vitalik Buterin recently expressed his ultra-bullish expectation for the cryptocurrency, especially following the recent successful implementation of the London Hard Fork and the EIP-1559 implementation.
In a recent interview, Buterin noted that he expects Ethereum to hit $30,000 by year-end, ten times the current price. This spike, if it occurs as stipulated, would give ETH a market valuation of a whopping $3 trillion making it larger than all existing Big Tech firms in the world.
Meanwhile, developments surrounding the highly-anticipated ETH 2.0 appear to be more upbeat than ever. The recently conducted implementation of the EIP-1559 upgrade sparked more interest and activity around the mainnet launch of ETH 2.0.
Currently, the number of Ether staked on the ETH 2.0 deposit contract has crossed 6.5 million coins, bringing the total staked value to a whopping $20.8 billion. Additionally, all on-chain metrics for Ethereum currently point to a massive rally ahead.
Key Ethereum Levels to Watch — August 20
As we head into the weekend, the current market conditions indicate that the second-largest cryptocurrency should record a significant rally over the coming days. That said, bulls have their eyes on the $3,330 area, where the price has had several failed attempts breaking.
Our bullish bias receives additional support from the 4-hour MACD indicator, which shows that Ethereum has begun a journey out of the recent drop to slightly-oversold conditions. Nonetheless, bulls need to hold the $3,200 line into the weekend for this rally to occur.
Meanwhile, our resistance levels are $3,300, $3,400, and $3,500, and our support levels are $3,100, $3,000, and $2,900.
Total Market Capitalization: $2.04 trillion
Ethereum Market Capitalization: $376 billion
Ethereum Dominance: 18.4%
Market Rank: #2
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