5 Things to Know as Ethereum Price Hit $2,500

Ethereum hits $2,630 as Australia gets its first Ethereum spot ETF and as Buterin hints at PoS improvements. Ethereum price is also likely to stagnate for an extended period due to a triangle-shaped formation pattern. Based in Luxembourg, and following the 2018 launch of Monochrome Ethereum Futures ETF, Monochrome Asset Management now plans to list its Ethereum spot ETF as Cboe’s IETH, which will include physical subscriptions and redemptions of Ethereum. 

Vitalik Buterin has outlined proposals to further extensively upgrade Ethereum’s Proof of Stake (PoS) for transaction optimization to single-slot finality to lower staking hurdles to 1 ETH.

Trading on Monday saw Ethereum gain 6.5 percent during the US trading session, with the coin changing hands at $2,630. While the broader market has been on the rise, this particular rebound seems particularly acute and can be explained by the launch of Australia’s first Ethereum spot ETF (IETH) listed on the Chicago Board Options Exchange (Cboe). The ETH price, already on the rise to regain the loss incurred in the sell-off that occurred in the second half of September, suggests that the uptrend might be longer.

Australia’s First ETH Spot ETF Surges Ethereum to $2500

As opposed to spot Ethereum ETFs, which still fail to generate enough demand in the U.S. Market, Monochrome Asset Management will soon inaugurate the first Australian Ethereum spot ETF known as IETH with the Cboe listing. 

The ETF will go live on Monday and will be the first to provide physical Ethereum subscriptions to users in addition to providing redemptions, an unprecedented arrangement in Ethereum-based financial products. Monochrome earlier this year listed Australia’s first physical bitcoin ETF known as IBTC. 

The new development is also a testament to Australia’s increased activity and institutional endorsement of decentralized digital currencies. Today, Ethereum has risen by more than 6.5% and returned to trading above the $2500 psychological level.
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Vitalik Buterin Suggests That Ethereum PoS Changes

Ethereum’s co-founder Vitalik Buterin has come up with key enhancements regarding Ethereum’s Proof of Stake mechanism. His vision is based on two major concepts. First, the introduction of single-slot finality intended to raise the question of having confirmations in one slot not in multiple slots finality.

This change will improve the efficiency of Ethereum transactions per second and security, improving the entire function of the network.

Second, Vitalik proposes that staking should be made more accessible by reducing the threshold of Ethereum staking requirement, down to 1 ETH. They can help get Ethereum staking in front of a broader audience potentially making the network more decentralised in future.

According to lookonchain analytics, a GalaxyDigital OTC wallet has recently transferred 13,580 ETH (worth approximately $34.3M) to three major cryptocurrency exchanges: Coinbase, OKX, and Binance. The large number of assets that could flow into the exchange may bring about the first disruption or selling pressure in the Ethereum price.

Ethereum Whales Stock Holdings Rise to 44.4%

According to data revealed by Santiment, the ETH supply in top addressive has gradually increased to 44.4%. This gradual buildup by large players has further intensified their non-linear optimism and expectation of higher prices.

Furthermore, the whale transactions with more than 100,000 ETH have also been quite stable, with nearly 1,520. However, this steady rate of high value confirms that there are big investors in the market as well.

ETH Poised for Breakout as Triangle Pattern Nears Conclusion

In the last two months price prediction of Ethereum depicted a range-bound movement within the triangle pattern formation. The two rising trendlines create the current consolidation to enable the buyers to regain from the bullish run.

The ETH is trending with overwhelming momentum knocking on the pattern’s overhead trendline. Therefore if the breakout holds the asset, the post-breakout rally could extend towards $3.5, followed by $4,100. That being said, if dynamic resistance stays in place, the prospect of a reversal in Ethereum price might prolong the consolidation phenomenon.

However, if dynamic resistance stays intact the signs of the reversal in Ethereum price could further prolong the consolidation pattern.