Ethereum Could Soon Drop Towards $350
Ethereum is prepared to move lower after shedding the support of an uptrend formed at the start of September. One analyst shared the chart below on September 20th, noting how the recent technical reversal could lead from a drop from $370 (where it is now) to approximately $355:
Chart of ETH's price action over the past few weeks with analysis by crypto trader Chase NL. Chart from TradingView.com
This was echoed by another market commentator, who noted that Ethereum’s ongoing drop is setting it up for a decline to $330:
Chart of ETH's price action over the past few weeks with analysis by crypto trader TraderKoz. Chart from TradingView.com
Long-Term Trends Still Bullish
Investors are still optimistic about Ethereum’s medium to long-term prospects despite current price weakness.
Chris Burniske — partner at Placeholder Capital and a former crypto-asset analyst at ARK Invest — recently found that a majority of his followers think ETH will finish 2020 above $500 and beyond.
Corroborating the expectations of upside, Ethereum has continued to see notable technical developments. Raul Jordan of Prysmatic Labs recently remarked that the ETH2 upgrade is set to go live in November:
The upgrade is expected to boost ETH’s potential by giving it a staking premium, along with giving it more capacity to process more transactions.
Photo by Jr Korpa on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com Here's Why Analysts Think Ethereum Could Soon Move to $350
Originally from Bitcoinist.com https://ift.tt/2RKeuW6
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