Ethereum price is primed to move higher in the coming week or two due to on-chain and technical support
Ethereum and Bitcoin have seen mixed performance over the past few days. There was an attempted breakout a few days ago, but that failed due to weakness in legacy markets. Ethereum price is up nearly 13% in the past 24 hours, double outperforming Bitcoin. Ethereum is primed to move higher in the coming week or two due to on-chain and technical support.
Ethereum price could soon move to $ 400
Over the past few days, multiple analysts have noted that Ethereum is likely to fall in the very near term. They point to the asset’s rejection in the resistance range of $ 365 – $ 375 just a few days ago, suggesting a return to local lows.
Crypto trader Chase NL agreed with this sentiment recently; however, he caveated that with the expectation of a rally afterward. He shared the chart below on September 30th, noting that after Ethereum corrects, it is likely to revert higher to $ 400.
He added that there are some whales (large holders) supporting the cryptocurrency as per the heat maps of leading exchanges:
“Midterm vision. I usually don’t look farther than 1 trade ahead, but this makes sense to me. ETH seems to REFUSE to dump. Hacks, etc., and simply no response. Also spotted some whales supporting on the heatmap this morning at 351~. 375 -> liquidity below 337 -> test 400.”
Chart of ETH’s price action since the end of July with analysis by crypto trader Chase NL | Source: TradingView
Ethereum 2.0 launching approach
Supporting the Ethereum bull case is the upcoming ETH 2.0 (a.k.a. Serenity or ETH2). The upgrade is expected to imbue the cryptocurrency with a staking premium and give it the capacity to scale over time to combat scaling concerns currently seen with Ethereum 1.0.
ETH2 is nearing as developers roll out a “rehearsal” testnet Spadina.
Unfortunately, there were some issues with the testnet:
“Although the eth2 clients have generally become quite robust, the long wait for finality today highlighted issues closer to the edge of the stack — cli options, testnet config, boot nodes, genesis calculation bugs.”
These bugs may be addressed in the next rehearsal testnet, set to launch in a week or two.
You can see the ETH price here.
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