Although the cryptocurrency market is sideways, the expectation is that Ethereum (ETH) will reach R $ 3,800 still in 2020.
Second reported by financial journalist Yashu Gola, a resistance break of US $ 621 is required. In reais, the level is equivalent to R $ 3,160.
If the resistance is broken convincingly, a shot can occur.
Ethereum could fire in 2020
According to Gola, all of Ethereum’s shots lost strength near $ 621. At the time of writing, ETH is quoted at $ 589.02.
The journalist points out that Ethereum has formed an ascending triangle, and a break at the top can be expected.
In the forecast made on the chart, altcoin may appreciate up to $ 762.32, or R $ 3,880 at the current price:
On December 5, Josh Rager posted on his Twitter profile:
Just grinding up slowly over the past month
If price can hold this trend and make its way back up to retest $ 610 + – I would expect the next move to be a higher-high
With a push to over $ 700 pic.twitter.com/fq8piN6lGk
– Josh Rager 📈 (@Josh_Rager) December 5, 2020
“Ethereum has been moving slowly since last month.
If the price continues this trend and tests the zone above US $ 610 again, I hope that the next move will create a higher high, with an advance above US $ 700. ”
In other words, the Blockroots co-founder confirmed Gola’s prediction.
Not only is the graphical reading in favor of the largest altcoin in market value, but its fundamentals are also providing support.
Among the fundamentals is the launch of Ethereum 2.0, which received a lot of support from the community.
With the need for ETH deposits to activate the contract, at least 1 million tokens were withdrawn from the market.
Along with the reduction in supply, demand has apparently increased significantly. Which is states Grayscale, a famous crypto fund manager.
According to the company:
“In the course of 2020, we are seeing a new group of investors that are investing in Ethereum for the first time, and another group that is investing only in Ethereum.
There is an increase in the conviction that Ethereum is an asset class. ”
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