Ethereum has undergone a strong surge over recent days that has brought it from the $360 range to highs of $420. Analysts say that it will undergo a macro move higher once it manages to flip $500 into support.
Ethereum Set to Break Dramatically Higher Once It Holds $500: Analyst
The cryptocurrency is currently positioning to move higher as it holds the $390-400 region.
As reported by Bitcoinist previously, analysts say that if the coin manages to flip $420 into support, it is likely to move to $500. One crypto-asset analyst commented on the matter:
Should ETH flip $500 into support, analysts say it will be cleared to explode higher.
The chart below was shared on October 23rd. It suggests that should Ethereum manage to flip $500 into support, it will begin a rally to four digits on a macro basis. $500 is important because it is just shy of where the market topped during August’s rally. Above $500, there is also little historical price action, indicating that the coin could enter “price discovery.”
Commenting on the significance of the chart, the trader who made the chart wrote:
Chart of ETH's price action over the past few years with an analysis by crypto trader CJ (@irncrypt on Twitter). Source: ETHUSD from TradingView.com
Fundamental Setback Regarding ETH2
Ethereum is facing a setback though as reports indicate that the ETH2 upgrade may be pushed back.
In a comment first obtained by CoinDesk, Ethereum Foundation researcher Danny Ryan said that the deposit contract for the upgrade will not go live until an audit is completed:
This audit could result in a delay until November, Ryan suggested.
Another Ethereum developer working on the upgrade said that once the deposit contract is released, there will likely be a 6-8 week gap between the release and ETH2 deployment.
Photo by Oz Seyrek on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Could Break Dramatically Higher Once It Holds $500
Originally from Bitcoinist.com https://ift.tt/3dUIk4u
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