In the past few days, Ethereum (ETH) has made a major recovery, breaking out of the $ 500 and breaking the $ 600 on Tuesday (24).
At the time of writing, ETH fluctuates around US $ 600, quoted at US $ 603. In reais, the value exceeds R $ 3,254.82.
With the resistance of the $ 600 broken, analysts point out that the cryptocurrency may start a parabolic appreciation. In other words, Ethereum could reach $ 800 soon.
ETH may appreciate 30% in the coming days
Looking at ETH’s trend, analysts believe the $ 600 threshold was the last key resistance level up to $ 800.
In reais, the R $ 3,200 level was the only barrier before Ethereum sought the R $ 4,300.
Therefore, for analysts, if the break is sustained, ETH may show an appreciation of at least 30% in the coming days.
However, it is possible that the recovery may take a few weeks.
In this scenario, cryptocurrency can totally reverse its underperforming trend towards Bitcoin. In addition, it can further stimulate the second wave of hype from decentralized finance tokens (DeFi).
On the chart above, analyst Benjamin Bluntz – who predicted 2018 lows months in advance – emphasized that ETH is eliminating a lot of resistance by breaking through the $ 600.
So, according to the trader, “there is literally nothing after that until the $ 800”:
“I repeat, there is no dollar resistance for ETH up to $ 800 from here. Literally nothing, that’s all”, published Bluntz on Twitter on Monday (23).
Launch of ETH 2.0
Analysts believe that this appreciation of ETH may be related to the proximity of the launch of the Ethereum update, ETH 2.0.
This is because investors who wish to participate in the genesis of Ethereum 2.0 need to acquire 32 ETH to become validators. That, of course, if they don’t already have cryptocurrencies.
In this sense, it is believed that updating the network can cause major changes in the crypto economy. Thus, leading Ethereum to a long-term bullish run.
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