Ethereum Could Soon Move to $400, Analyst Says as Market Bid Comes In
Over the past few days, multiple analysts have noted that Ethereum is likely to fall in the very near term. They point to the asset’s rejection in the resistance range of $365-375 just a few days ago, which suggests a return to local lows.
Yet another trader agreed with this sentiment just recently, however, he caveated that with the expectation of a rally afterward.
He shared the chart below on September 30th, noting that after Ethereum corrects, it is likely to revert higher to $400. He added that there are some whales (large holders) supporting the cryptocurrency as per the heat maps of leading exchanges:
Chart of ETH's price action since the end of July with analysis by crypto trader Chase NL (@Chase_NL on Twitter). Chart from TradingView.com
ETH2 Launch Approaching
Supporting the Ethereum bull case is the upcoming launch of ETH 2.0 (a.k.a. Serenity or ETH2). The upgrade is expected to imbue the cryptocurrency with a staking premium, along with giving it the capacity to scale over time to combat scaling concerns currently seen with Ethereum 1.0.
ETH2 is nearing as developers roll out a “rehearsal” testnet Spadina.
Unfortunately, there were some issues with the testnet:
These bugs may be addressed in the next rehearsal testnet, set to launch in a week or two.
Photo by Liana Mikah on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum is Primed to Shoot Towards $400 as On-Chain Support Is Strong
Originally from Bitcoinist.com https://ift.tt/36l8kUJ
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