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Ethereum Can Double In The Months Ahead: Analyst Opinion

11/09/2020

Ethereum can double in the upcoming few months ahead since it saw a strong bounce from the September lows of $310 so let’s read more in the upcoming ETH news.

The coin is now trading for $455 but it peaked at $465 a few days ago. The technical trends show that the cryptocurrency will continue its increase in the upcoming months ahead as analysts are eyeing a move towards $800 which is where the macro resistance lies. Ethereum saw a strong bounce since the September lows at $310 so the price of the leading crypto asset peaked at $465 surging as a risk appetite returned to global markets.

The technical trends show that the cryptocurrency will continue its ascent in the upcoming months ahead so it comes in spite of the widespread sentiment that the coin could be left on the sidelines as BTC is expected to skyrocket to all-time highs. The sentiment goes that way because the asset turned the $400 region into support and it will act as a springboard to $800 so Ethereum can double very soon. Ethereum investors have long seen the $400 region as of importance as it acted as a springboard during the rally in 2017 and marked new highs in the medium-term rally over the past two years.

eth chart
Chart of ETH’s price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter).

The analysts noted that Etheruem’s long-term trend remains positive for the crypto asset and referenced that the macro chart for the pair which shows that traders could have more exposure to the asset:

 “In a vacuum, $ETH is face meltingly primed for markup. In our world, it has the unfortunate mandate to be priced relative to bitcoin. Or, you can find derivatives that enable exposure to both. Either way, I need exposure to this.”

tradingview
Source: Tradingview

Analysts are eyeing a move at $800 so the charts show that Ethereum has little macro resistance until $800 and $900. The region is the point where the relief rally in 2018 happened:

 “Stop charting ETH against BTC it under performs USD. HTF trend is heavily bullish going into 2021, I really hope we get the chance to buy around $350 again at some point before we really start to see price clear $600 and $800… I have a large USD position to spend.”

ETH is expected to boost Ethereum higher since it is the long-awaited upgrade that will give ETH a proof of Stake consensus mechanism that will allow holders to earn regular yields on the holdings.