Analysts predict ETH will hit the $700 price point if it manages to push past $600 since last week’s lows correlating higher with the BTC price. ETH is now trading for $590 but moved really close to the $600 level earlier today as we can see in the analysis of our Ethereum news below.
Analysts predict ETH will hit $700 and remain optimistic that the cryptocurrency will continue its increase in the days ahead if it holds key technical levels. Edward Cleps, the leading crypto trader noted that ETH is facing little macro resistance until $700 and as the charts portray, aside from the support of $360, a close key technical level is in the $700 region.
The $700 level is approximately where the cryptocurrency reached in late 2017 along with the bounce rally in 2018. This makes it a level of strong technical importance of a medium to the long-term timeframe. Other analysts are optimistic as well as one crypto-asset analyst shared a chart showing last week’s drop. It shows that during the move lower, ETH held a key level of technical support which was held multiple times since the crypto asset started its latest leg higher at the begging of November.
Analysts believe that ETH is holding this key level that will likely trigger a correction towards the upside. Messari analysts wrote about the potential effects of the upgrade towards the ETH supply arguing that the new upgrade will reduce the supply inflation over time:
“Further reducing the potential issuance of ETH 2.0 until Phase 1.5 are the likely shape of the staking adoption curve, validator performance, and transaction fee burns (EIP 1559). Staking participation will likely start low and increase over time as holders gradually become more comfortable with the Beacon Chain and deposit more ETH into the deposit contract.
buy prelone generic buy prelone online no prescription
The result of these three factors is that net issuance from ETH 2.0 could be significantly lower than what’s projected on the above chart.”
Some even went as far as to say that ETH 2.0 and the EIP 1559 will have the much-needed effect of actually decreasing the supply over time. Assuming that the demand for the cryptocurrency is the same, the price will rise because the price usually rises to meet the market demand.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post