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- Ethereum has undergone a strong rally over the past 48 hours as the cryptocurrency market has recovered from weekly lows.
- The price of ETH is currently $ 473, up 5% in the past 24 hours alone.
- Analysts are expecting further gains as the asset appears poised to close a daily candle above $ 482, which should trigger a move above $ 500.
Ethereum set to explode over $ 500, analysts say
Ethereum has undergone a strong rally over the past 48 hours as the cryptocurrency market has recovered from weekly lows. The price of ETH is currently $ 473, up 5% in the past 24 hours alone.
ETH has once again begun to overtake Bitcoin. BTC has only risen about 3% in the past 24 hours.
Both businesses are benefiting from a sentiment of risk among investors. Market data indicates that after the previous three presidential elections, investors were overall risk-prone as they had certainty about the types of policies that would affect their investments.
Cryptocurrency analyst Josh Rager He says that the cryptocurrency could start moving much higher than it is now as it appears to be closing above a fundamental support level. It specifically says that if Ethereum can turn $ 482 into support on a daily basis, it will make sense to aim for a move above $ 500:
“Just below the daily high – looking for a break and close above $ 482 for $ 500 + ETH goals hasn’t been above $ 500 since July 2018.”
As the chart below shows, $ 482 is the daily resistance that Ethereum reached during the summer before plunging towards $ 300.
Market trends also indicate that there is a large confluence of selling (order) pressures on major exchanges in the region of $ 480. Ethereum will need to clear these sell order blocks before an uptrend can be expected.
Chart of ETH's price action over the past few months with an analysis by crypto trader Josh Rager (@Josh_Rager on Twitter). Source: ETHUSD from TradingView.com
Fundamental setback
Ethereum suffered a fundamental setback or hiccup yesterday.
Early in the morning, there were reports that the network had suffered a consensus bug due to some service providers continuing to use old clients. Changpeng “CZ” Zhao, CEO of Binance, commented on the matter via Twitter:
“There was a possible split of the ETH chain at block 11234873. Etherscan and Blockchair show two different chains and data after this block. We are resolving now but have temporarily closed withdrawals. Funds are #SAFU.”
Many in space have argued that this is a dangerous precedent for the blockchain. Blockchair’s lead developer Nikita Zhavoronkov commented on the matter:
“In my opinion, today’s consensus failure in #Ethereum shouldn’t be underestimated and should be seen as the most serious problem Ethereum has faced since the DAO debacle 4 years ago. An investigation is needed. “
However, ETH was largely unaffected by this problem.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Analysts Expect Explosion Past $500 as Ethereum Nears Crucial Resistance
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