Ethereum has undergone a strong drop since peaking at $400 this past weekend. The leading cryptocurrency currently trades for $380, down after Bitcoin dropped from its daily highs. Analysts still think that ETH will move higher, though, citing technical trends.
Ethereum Could Explode Past $400, Analysts Say
Analysts remain confident about Ethereum despite recent uncertainty in the price of Bitcoin. One trader said, referencing how ETH is still holding above range supports:
Charts of ETH's price action over the past few months with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter). Source: ETHUSD from TradingView.com
One cause for concern is that whales have stopped accumulating Ethereum, or have begun to sell their tokens on retail traders as per on-chain data.
Santiment, a leading blockchain analytics firm, recently said on the matter of Ethereum’s price action potential:
Chart of ETH's price action aover the past few months overlayed with the amount of ETH (% of total supply) held by the top 10 addresses. Chart from Santiment, a blockchain data and analytics firm.
ETH2 Deposit Contract
It was expected that the ETH2 deposit contract would be delayed, thus delaying the launch of ETH2. Danny Ryan of the Ethereum Foundation said last month:
Fortunately for bulls, it was recently revealed that the deposit contract for Ethereum 2.0 is nearing. David Hoffman of Bankless, an Ethereum-focused media startup, shared a link online showing that a Github account called “CarlBeek” released a number of files that seemingly contain the ETH2 deposit contract and other related applications.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Analyst: Ethereum Will Explode Past $400 as Key Level Reclaimed by Bulls
Originally from Bitcoinist.com https://ift.tt/3oVYeR9
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