Crypto Industry News:

Ethereum 2.0 developers give themselves 3 months to collect deposits and 7 months from today, so that at least two clients reach production status.

Asked to explain what he meant by the production status, Justin Drake from Ethereum 2.0 team explained that this means getting a testnet client who will undergo a security audit, formal verification and will not experience any major problems during testing.

Vitalik Buterin explained that this will be done in the same way as running Ethereum 1.0. First a working testnet, security audit and no errors. Testnet can appear in a few weeks. The people involved in the project say that activities are currently being conducted towards a security audit.

The above information suggests that Ethereum 2.0 is approaching the final stages of commissioning. The process itself is due to start at Devcon in Osaka on October 8-10.

The implementation of Ethereum 2.0 will initially include only Proof of Stake (PoS) tests. They will not allow anything other than depositing and then validating to make sure that the rules set will be followed. Initially, it will be a one-way deposit only. Two-way tests are being talked about, but this may only apply to the second phase.

Technical Overview:

The ETH/USD pair is moving inside of the ascending channel that originated from the level of $226.17. The local top was made at the level of $278.14 so far as this level is the technical resistance for the price. The other nearest resistance is seen at the level of $279.65. As long as the price is moving inside of the channel, the move up might continue, but this is still the wave (b) in progress. There is still wave (c) of the overall corrective cycle wave 4 missing.

Weekly Pivot Points:

WR3 - $345.37

WR2 - $311.54

WR1 - $291.71

Weekly Pivot - $256.95

WS1 - $239.45

WS2 - $203.99

WS3 - $185.39

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is the wave 4, which is a corrective wave and after is completed, the uptrend should resume.