Ethereum price looks poised to close a daily candle above $482, which should trigger a move above $500
Ethereum price has experienced a strong rebound over the past 48 hours as the cryptocurrency market bounced back from weekly lows. ETH price a few hours ago was $ 473, up 5% in just the last 24 hours. At press time, ETH is trading around $ 457, up 14% over the past seven days.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price could explode to $ 500 as past data proves
Ethereum has experienced a strong rebound over the past 48 hours as the cryptocurrency market rebounded from weekly lows. Both Bitcoin and Ethereum are benefiting from a risk-taking mentality among investors. Market data shows that after the previous three presidential elections, investors generally took a risk as they were sure of the types of policies that would affect their investment.
Cryptocurrency analyst Josh Rager thinks that ETH could start to rise much higher than it is now when it looks to close above key support. He specifically stated that if Ethereum can convert $ 482 into daily support, then it would make sense to target a move above $ 500.
“Just below daily high – looking for a break and close above $ 482 for $ 500 + targets ETH has been above $ 500 since July 2018.”
As the chart below shows, $ 482 is the daily resistance level Ethereum led throughout the summer before collapsing towards $ 300.
The market trend also shows a large confluence of selling pressure (orders) on the top exchanges in the $ 480 region. Ethereum will need to clear these sell blocks before there is an uptrend.
Ethereum suffered a bit of fundamental failure or malfunction yesterday.
Earlier this morning, it was reported that the network had a consensus failure due to some service providers continuing to use old clients.
Changpeng “CZ” Zhao, CEO of Binance, commented on the matter via Twitter:
There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.
— CZ Binance (@cz_binance) November 11, 2020
Many people in the space have said that this is a dangerous precedent for blockchain. The main developer of Blockchair, Nikita Zhavoronkov, commented on this issue:
However, ETH is largely unaffected by this issue.
You can see the Ethereum price here.
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