Ethereum with Goerli testnet success. Will it drive a price rally to 2000 USD?

5:41 PM August 11, 2022

The Ethereum cryptocurrency is increasing its dominance against Bitcoin and has rebounded from its price bottom by more than 100%, compared to Bitcoin's still 'modest' rally of just over 40%. 

  • Ethereum's final tests on the Goerli network were successful. The probability of the second largest cryptocurrency moving to version 2.0 as planned by the developers has increased;
  • The developers' work proceeded in two phases, starting with the August 4 Bellatrix update. The success of Bellatrix allowed the Paris update to be launched today when the Terminal Total Difficulty on the Goerli network reached 10,790,000;
  • Ultimately, the transition to version 2.0 will gradually freeze the supply of more Ether. September 13 is the date of the so-called difficulty bomb, which will eventually force miners to stop mining new ETH.

Ethereum price chart, D1 interval. The price of ETH has fallen nearly 70% from its November 2021 peaks. Currently, the increases are slowing down near the 23.6 Fibonacci retracement where there is still strong supply. In the near term, the key for the bulls will be to overcome the bears on the way to $2,000. Source: xStation5

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