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The Ethereum 2.0 update, which the cryptocurrency world has been eagerly waiting for a long time, is finally live with the creation of the first block of Beacon Chain.

The Ethereum team announced earlier last month that with participants investing a total of 524,288 ETH, “Ethereum 2.0 will launch on December 1st.” Eth2 is a series of interconnected updates that will make Ethereum more scalable, more secure, and more sustainable. The continuously delayed update was launched as scheduled at midnight on December 1st. The launch of ETH 2.0 is an important milestone for both Ethereum and the cryptocurrency world. With ETH 2.0, the network will switch from the Proof of Work consensus mechanism to Proof of Stake. Phase 0, also known as Beacon Chain, is the first phase of the Ethereum 2.0 update. And today, “Phase 0” was launched. So, Ethereum has managed to take the first step towards Proof of Stake after working with the Proof of Work algorithm for years.

Ethereum, the world’s second-largest digital currency, has increased in the past hours,  its value brought closer to $ 610, the highest level in three years. In the ETH 2.0 update, the next step towards improving the Ethereum network will be the creation of shard chains. This is a significant upgrade that will help increase the speed of the network. When the update is completely finalized, the Ethereum network will be fully switched to the Proof of Stake mechanism.

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What Next for Ethereum Price?

Looking at the daily chart, we see that Ethereum pared-back losses when the price dropped 22% on Friday last week. The price formed a double-top pattern and is still above the short and long-term moving averages. It is also slightly above the crucial support level of $ 490. Therefore, ETH’s long-term bullish outlook cannot rule out the possibility of another retracement as some traders are making profits. According to Coinmarketcap data, Ethereum (ETH) price is trading at $ 588 at the time of writing.

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