Investors expect the price of Ethereum to rise sharply after altcoin surged to $ 563 yesterday. Currently, however, the price has dropped to $ 536.
In the short term traders expect there are also $ 600 approaches in what they believe is the main area of resistance for Ether. It was more or less the break of this level that started the downtrend in May 2018. Now a breakthrough to the north at this level could cause the price of ETH to take off.
If Ether goes above $ 600, it is likely to fall in the range of $ 700- $ 900. Above there is a little resistance. Then we have the current ATH – $ 1,200.
During the next bubble, 1 ETH can cost even more than $ 10,000.
Next cycle ATH for $ ETH probably between $ 10,000-20,000.
– Michaël van de Poppe (@CryptoMichNL) November 18, 2020
In turn, the trader “Rookie” claims that probably 1 ETH will go up to 700 USD already at the end of this year.
Parabola in the making
$ 700 eoy
– RookieXBT 🧲 (@RookieXBT) November 21, 2020
Foundations to fuel the ETH bubble?
Van de Poppe may be right, because the current ATH ETH is like Bitcoin from 2013. So it is possible that altcoin will rise to ATH BTC from 2017 in this cycle, or even $ 20,000.
In addition, the price jump in Ether is driven by the fundamentals. Firstly, Ethereum 2.0 is expected to partially start on December 1, which will affect the ETH supply on the market. The new version of the network introduces the PoS algorithm, in which the cryptocurrency is no longer copied using miners, but the stakeout process. We wrote more on this topic here.
It’s not everything. The ETH chain data shows that big investors are still amassing the cryptocurrency. This trend coincides with a decline in ETH reserves on exchanges. This suggests two things: more and more ETH holders are depositing funds in Ethereum 2.0 to stake them, and besides, investors are buying cryptocurrencies for a longer period.
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