Saturday, January 16, 2021

Analyst: Ethereum (ETH) Gathering Momentum to Surpass $500 Price Level

As the analytics firm Glassnode reported a substantial increase in Ethereum (ETH) exchange deposits over the past 24 hours, the popular cryptocurrency analyst, Crypto Michael expects the price of the digital token to experience a huge surge to break above $500 resistance level soonest.

Ethereum (ETH) Attains New All-Time High in Crypto Balances

Going by the data made available by Glassnode, the number of Ethereum (ETH) deposited to cryptocurrency exchanges has experienced over a 30% increase over the past 24 hours. The number now stays at 738,938 from the previous figure of 566,500.

“Ethereum ETH Number of Exchange Deposits (2d MA) increased significantly in the last 24 hours. Current value is 738.938 (up 30.4% from 566.500),” Glassnode reported.

Significance of the Spread of DeFi and the Upcoming Launch of Ethereum 2.0 on ETH Price

Decentralized finance (DeFi) and the amount of the digital token ETH locked within its apps have been gaining a significant increase. Also, the launch of Ethereum 2.0 is expected by the end of this year. These have been seen by many crypto analysts as catalysts that would soon initiate the price parabolic movement of ETH in the market.

Another factor to consider is the new all-time high reached in terms of the number of addresses holding over 0.01 ETH as reported by glassnode.

Glassnode shared this, “Ethereum ETH Number of Addresses Holding 0.01+ coins just reached an ATH of 8,291,867 Previous ATH of 8,290,578 was observed earlier today.”

Ethereum (ETH) Will Soon Surge To Break above $500

A famous cryptocurrency analyst, Michael van de Poppe, who is known on Twitter as Crypto Michael believes that the digital token ETH is gathering momentum for an uptrend that would take its price beyond $500 in the market.

“ETH is ready to blast upwards to $500+ in the coming period,” Crypto Michael stated.

In the following tweet, the analyst stated that his minimum price target for ETH in the next bull market is $5,000.

“Next bull market, I wouldn’t be surprised with $ETH at $5,000-10,000.”

In another development, a lead developer of Ethereum, Peter Szilagyi, shared via his Twitter handle that the all-time cumulative trade volume of ETH attained relatively $6.5 trillion within a month, which is clearly a noteworthy milestone that speaks volume of what is upcoming for ETH.

Péter Szilágyi wrote:

“Huh, apparently the all-time cumulative trade volume of Ethereum is almost $6.5 trillion (source: coinmarketcap). That number is simply incomprehensible. This system I helped a bit build trades my home country’s entire GDP in a single month.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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