Analysts expect ETH to Rally towards $500 despite the drop of $40 last night as we reported in our previous Ethereum price news.
One analyst noted that ETH remains in an advantageous position in the macro time-frame and even shared a chart showing that ETH is sitting above macro supports which means that it has enough room to stretch towards the $800 price range and beyond, which still holds the technical levels. Analysts believe that Ethereum is primed to press higher despite the $40 drop which happened in a matter of minutes. One trader noted that even after the drop yesterday, Ethereum remains in an advantageous position on a macro time-frame. As the charts show, ETH is sitting above the macro supports which means that it has enough room to shoot towards $800 and beyond as it continues to hold these levels:
“Has not even started its parabolic run like BTC yet, still huge room for upside over the coming few weeks, also major macro support is just below just limits downside risk. Still incredibly bullish across all timeframes.”
Another analyst predicted previously that Bitcoin will hit $3000 in 2020 just a few months before it did, but it also shared a chart showing that ETH will move higher. The chart suggests that ETH will soon retest the high level of $485 and $495. Boosting the expectations of another ETH rally is the expectation that soon enough, Ethereum 2.0 will launch which is a fully-fledged upgrade that will overhaul how the blockchain operates to boost the transaction efficiency and will reduce transaction costs while still reducing the energy usage from the blockchain.
The ethereum foundation researcher Danny Ryan commented on the concerns that the ETH 2.0 deposit contract will not get enough deposits before the launch:
“I personally think that for initial launch, the 100k+ ETH in the contract is sufficient, and that adjusting the threshold down to not leave that ETH in limbo for too long makes sense. Rewards will be very high for these early adopters and the ETH validating will likely grow over time. Planning on adjusting this constant immediately at November 24 or December 1 is a bit aggressive, imo. We don’t know exactly what will happen in the next couple of weeks so we should observe first. On that linked to thread, clients engineering teams seem to want to wait through December, and adjust the constant at the start of January if needbe. This seems reasonable.”
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