The\u00a0Ethereum 2.0\u00a0update, which the cryptocurrency world has been eagerly waiting for a long time, is finally live with the creation of the first block of\u00a0Beacon Chain.\r\n\r\nThe Ethereum team announced earlier last month that with participants investing a total of 524,288 ETH, \u201cEthereum 2.0 will launch on December 1st.\u201d\u00a0Eth2\u00a0is 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\u00a0Ethereum\u00a0and the cryptocurrency world. With ETH 2.0, the network will switch from the\u00a0Proof of Work\u00a0consensus mechanism to\u00a0Proof of Stake.\u00a0Phase 0, also known as\u00a0Beacon Chain, is the first phase of the Ethereum 2.0 update. And today, \u201cPhase 0\u201d 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.\r\n\r\nEthereum, the world\u2019s second-largest digital currency, has increased in the past hours,\u00a0 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\u00a0shard 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.\r\n\r\n\r\nWhat Next for Ethereum Price?\r\nLooking at the daily chart, we see that\u00a0Ethereum\u00a0pared-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\u2019s long-term bullish outlook cannot rule out the possibility of another retracement as some traders are making profits. According to Coinmarketcap data,\u00a0Ethereum (ETH)\u00a0price is trading at $ 588 at the time of writing.\r\n\r\n#coinsfera #cryptonews #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.