Ethereum Could Shoot Toward $600-700: Here’s Why
Analysts think that Ethereum is on track to shoot towards $600-700 in the coming months and years as long as it holds pivotal support in the vicinity of $300.
The head of technical analysis at Blockfyre, a crypto-asset research company, recently said on the matter:
Chart of ETH's price action over the past few years with analysis by crypto trader and the had of TA at Blockfyre, Pentoshi. Source: BTCUSD from TradingView.com
This bullish sentiment has been echoed by other analysts.
One analyst noted that a macro analysis of Ethereum suggests that as long as $350 holds, the coin will double to $700 over time.
Institutions Accumulate ETH En-Masse
There is an institutional aspect of the ongoing Ethereum market trend, boosting the chance the asset moves to the upside.
Barry Silbert, founder and CEO of leading digital asset investor the Digital Currency Group, recently said that Grayscale Investments owns 2% of all Ethereum now. This means that the firm holds $800 million worth of the coin, or approximately 2.2 million ETH.
Institutions are accumulating Ethereum as the decentralized finance (DeFi) revolution grows. Spencer Noon, head of DTC Capital, says on the matter:
Analysts think that continued institutional investment in ETH will drive prices dramatically higher.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Carts from TradingView.com The Crucial Level to Watch as Ethereum Prepares to Shoot Toward $600
Originally from Bitcoinist.com https://ift.tt/37gu7xt
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