After a sharp drop earlier this week, the Ethereum price has finally gained some significant momentum. At press time, ETH has risen 8% higher in the past 24 hours from $ 375 to a high of around $ 409. Ethereum is currently trading for $ 408 after falling slightly from the daily high.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price went higher
Ethereum price is expected to move much higher in the coming days as the coin breaks the $ 380 – $ 400 resistance zone into support.
Crypto Asset Analyst Cactus recently stated that $ 400 could lead to stronger gains:
“I don’t short Ethereum because I’m not a moron, that said currently PA needs to get above and flip $390 into support for us to start heading higher, seems to be that price as gotten comfortable below $400 recently… Thinking that tomorrow we could see $400+. Send it.”
A close above its daily candle above $ 392 could trigger a further rally.
Analyst Aayush Jindal said:
“To start a strong rally, ether must clear the $ 390 resistance and then settle above $ 392. A successful close above the $ 392 resistance may initiate a larger upward move (similar to bitcoin if it clears $ 14,000) towards the $ 405 and $ 412 levels. further gains could lead the price towards the $ 420 resistance level. ”
ETH did so as it closed its daily candle around 30 minutes ago since writing this.
This rally takes place upon Ethereum 2.0 (ETH2 or Serenity) launch confirmed on December 1, ruling out any bugs. The Ethereum 2.0 deposit contract has been released, as confirmed by Vitalik Buterin, Danny Ryan, and others in the ETH space.
Analysts contend this is important for the bullish case as it permeates ETH with a staking premium, where participants who bet can earn money over time by network validation. Ethereum will continue to get higher over time as technological improvements accompanying ETH2 are also released, which will bring further benefits to use.
You can see the Ethereum price here.
Read more:
- An ETH2.0 Deposit Contract Has Been Launched On GitHub But No Official Announcement, Was It By The US Elections?
- Ethereum 2.0 Deposit Contract Has Just Been Released On Github, With Genesis Time Set At Dec 1, 2020