By Tobi Loba
A popular cryptocurrency analyst and trader identified on Twitter as “The Crypto Dog” has averred that the second-largest cryptocurrency by market capitalization, Ethereum (ETH), has all it takes to hit $800 if history repeats itself.
Since the release of Medalla, the final public testnet of Ethereum 2.0 before the launch of Phase 0, the price of ETH has been on the increase. Prior to the launch of Medalla, some crypto analysts envisaged the possibility of ETH attaining new support levels.
A few hours ago, the digital token reclaimed $400 support level as earlier predicted. At the time of publication, ETH is trading at $405.71, with about 4% price upsurge in the last 24 hours. Some crypto analysts still remain resolute that Ethereum is bound to print further positive trend.
Ethereum (ETH) Would Hit $800 Soon
The Crypto Dog, a popular cryptocurrency analyst, and trader, has recently reminded his teeming followers and crypto enthusiasts of the historical trend of the price of Ethereum (ETH).
In a tweet shared a few hours ago, he pointed out the significance of $400 support to ETH. He asserted that the ETH could further its uptrend from this important support level to hit $800.
The Crypto Dog tweeted, “Remember when $400 was support for ETH? It bounced 2x and went straight back to $800.”
Remember when $400 was support for $ETH?
It bounced 2x and went straight back to $800.
— The Crypto Dog📈 (@TheCryptoDog) August 5, 2020
Bloomberg Says Ethereum’s Price Is Speculative While Bitcoin’s Price Is Based on Fundamentals
Obviously, both ETH and BTC are experiencing a favorable price trend at the moment. Bitcoin has once again risen above $11,500 price region, while Ethereum is targeting higher prices after breaking above $400.
However, Bloomberg is of the opinion that Ethereum’s present parabolic movement is speculative, while Bitcoin’s price appreciation is based on fundamentals.
Bloomberg looks to be unimpressed with Ethereum (ETH) in its August crypto outlook, stating that its price uprising is based on speculation, unlike the largest cryptocurrency by market cap, Bitcoin (BTC):
“Ethereum has extended last year’s highs and leaped to one of the top-performing major crypto assets in 2020, but we view its rally as more speculative vs. the favorable demand vs. supply conditions supporting Bitcoin.”