Ethereum is Gearing Up for a Move Past $400; Here’s What Will Drive It Higher

Ethereum has seen strong strength in recent weeks, and the strong upward trend it is currently in shows no clear signs of an end soon.

Analysts are generally finding that, given its strong market structure, the company may be well positioned to see further upward movements in the short term.

In particular, one analyst notes that the cryptocurrency is now expected to hit $ 400 due to its breakout across multiple key resistance levels.

A respected investor points to growing narratives around ETH 2.0 as a source of strength that could help to continue to outperform the aggregate cryptocurrency market.

He believes that the upcoming upgrade will make people increasingly optimistic about Ethereum – which is causing them to increase their engagement.

This could create continuous buying pressure that will help lift it higher.

Ethereum rises when analysts rise to $ 400

At the time of writing, Ethereum is trading over 4% at its current price of $ 363.

Overnight there was strong selling pressure throughout the region around the $ 350 region, although the bulls have since been able to break through this resistance.

Regarding the next trend, analysts are generally finding that further upward movements can be expected in the coming days and weeks.

With sellers not yet strong enough to catalyze an intense downtrend, the cryptocurrency could continue to rise in the short term.

A popular crypto-focused analyst has considered this option a new tweetand explains that he is now waiting for a step up to $ 400.

"Can we send the ETH to $ 400 already," he asked, pointing to the table below.


Image Courtesy of Josh Rager. Chart via TradingView.

The ETH 2.0 stories could further increase their price movement

A fund manager believes that Ethereum could continue to outperform Bitcoin in the short term due to the associated bullish narratives.

While talk about thisHe expressly refers to the convergence of ETH 2.0 as a factor that could continue to contribute to increasing the cryptocurrency.

He also points out that future phases of ETH 2.0 will continue to be catalysts for further growth in the next 2-3 years.

“The strong step in Ethereum has to do with the upcoming launch of ETH 2.0, which is an important catalyst. Each phase of ETH 2.0 in the next 2-3 years brings Ethereum closer to its final state and will be catalysts for ETH. "

There is no question that the 2.0 upgrade triggered an accumulation trend among Ethereum investors.

However, for this to continue, the upgrades must be done without major delays.

Featured image from Unsplash.
Charts and pricing data from TradingView.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.