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.
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.
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.”
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.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.