Sunday, February 28, 2021

Analyst Says Ethereum (ETH) Could Target $850 Once It Surmounts This Key Resistance

Virtually all the cryptocurrencies in the market have been enjoying the current price rally that was started by Bitcoin (BTC), the largest cryptocurrency by market cap.

Since other digital currencies joined the rally, digital tokens such as Ethereum (ETH) and Ripple’s XRP have even outperformed Bitcoin based on a weekly uptrend percentage.

Despite the fact Ethereum (ETH) has already given traders and investors reasons to smile by reaching the price level it last reached in 2018, some analysts still believe that the positive trend would continue.

Over the past few days, ETH has printed notable gains. Its recent break above $500 created a momentum it has been building upon for further price uptrend.

Read Also: Analyst: Ethereum (ETH) is About to Follow Bitcoin (BTC) and See a Parabolic Move

Its next trend will possibly depend on its continued reaction to a key level that sits just above where it is trading at the moment.

According to the stance of an analyst, a break above this key level could result in an uptrend towards $850 level. At the time of filing this report, ETH is priced at $567.40, with a 5.28% price increase in the last 24 hours.

The intense momentum seen over the past few days indicates that it may soon erase its trend of underperforming Bitcoin, with the cryptocurrency targeting $600.

Analyst Says Ethereum (ETH) Could Target $850

A cryptocurrency analyst identified on Twitter as George has stated that Ethereum could soon skyrocket to $850 once it manages to surpass a crucial price level.

He posited that relatively $600 is the resistance to watch, averring that a break above this key level could allow for a significant rally to new highs.

Read Also: Ethereum (ETH) Poised To Hit $10,000 in the Next Market Cycle –Quantitative Analyst Posits

Captioning an illustrative chart, he tweeted, “ETH: Buying here makes little sense to me. I’d wait for reaccumulation around former resistance or for a break above range mean / weekly supply to target $850 next.”

Analyst Says Ethereum (ETH) Could Target $850 Once It Surmounts This Key Resistance

Moreover, many crypto analysts are already envisaging a favorable impact of the upcoming launch of the first phase of Ethereum 2.0 on the trend of ETH price in the market.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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