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Ethereum Surges 10% Higher As DeFi Rally Continues, ETH2 Inches Closer

Altcoins 2020/11/21 06:32 by Nick Chong

Ethereum has surged higher in the past 24 hours by nearly 10%, pushing as high as $520 for the first time since 2018. The leading cryptocurrency is currently outpacing Bitcoin on a daily basis, though is still underpacing BTC on a multi-week basis.

Analysts think the cryptocurrency will surge even higher in the weeks ahead as the trend still seems to be positive for the top coin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Ethereum Surges Higher 

Analysts think Ethereum explode higher in the weeks ahead as it passes key resistance levels in the high-$400s and enters the $500s. Referencing the chart seen below, which shows Ethereum breaking above long-term resistance levels, one analyst recently commented:

“So, if all goes according to plan with $ETH, what’s your ‘realistic’ price target? (ex. where will you look to close leveraged longs within a week or two). Personally, I’m looking at the $570 weekly level, with a potential push towards a round $600 if momentum is really strong.”

Ethereum is set to move toward the resistances in the $600 range, the trader said in reference to the chart. as the chart shows $600 is where the next weekly resistance on the macro chart lies.

Other analysts think that Ethereum is free to rally from current levels toward $800. Though at this point, it remains to be seen if this will play out as they expect.

Image

Chart of ETH's price action over the past three years with analysis by crypto trader Chase_NL (@Chase_NL on Twitter). 
Source: ETHUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH2 Update

Ethereum Foundation developers have been giving updates about the upcoming upgrade, ETH2 or Serenity. The upgrade is expected to dramatically overhaul the blockchain and implementing new token-economics.

Ethereum founder Vitalik Buterin recently commented on the token-economics of ETH2:

“In two years the main task will be to stabilize and cherish what we will have built. Until then, participation in Ethereum is unavoidably in part a prediction that the roadmap is a good one and that once this upgrading process ends we actually will get to a place where the network is efficient and stable and powerful and capable of being the base of significant parts of the global economy.”

Analysts think the upgrade will drive prices higher as investors seek to buy Ethereum to stake in mass quantity.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Ethereum Surges 10% Higher As DeFi Rally Continues, ETH2 Inches Closer

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