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- Ethereum fell from its highs of $ 460.
- The major cryptocurrency coin is currently trading for $ 440, although analysts say it could take a bid if it drops.
- Analysts are looking specifically at the $ 420 region, at which point ETH is expected to bounce sharply.
- Reinforcing the bull case of Ethereum, data on the chain shows that an accumulation of the coin is taking place.
- Other trends show that ETH is accumulated for the ETH2 upgrade.
- Over $ 15 million of the leading cryptocurrency has been deposited in the ETH2 deposit agreement.
Ethereum poised to rebound towards $ 500, analysts say
Analysts think Ethereum could move towards $ 500 once it manages to take $ 420 as support in the coming days. This comes after ETH fell sharply from local highs of $ 460:
“A pretty clear picture of $ ETH’s supply and demand reversals. It makes for a decent case that 420 down to 400 lows is an area of interest for declining purchases before a further upside. “
Chart of ETH's price action over the past few months with an analysis of the current price action by crypto trader Smokey (TraderSmokey on Twitter). Source: ETHUSD from TradingView.com
Other analysts believe the cryptocurrency may also rise as high as $ 420. A pseudonymous trader She said who thinks that a major reversal of the support resistance will take place at the $ 418-420 level, which should trigger a move to new highs.
Chart of ETH's price action over the past few months with an analysis of the current price action by crypto trader "Edward Morra" (Edwardmorra_BTC on Twitter). Source: ETHUSD from TradingView.com
Whales don’t buy … or are they?
Reinforcing the bull case of Ethereum, data on the chain shows that an accumulation of the coin is taking place.
One analyst noted that one day earlier this week, 258,000 ETH came out of Binance:
“258k $ ETH moved from Binance in the past 24 hours. Almost 10% of what Binance had in its wallets. Let’s have another 10% sales-side liquidity crisis coming in a few months. Where will you get Eth when everything is locked in smart contracts and DeFi? Are you thinking about the future? “
Data of the ETH held by top crypto-asset exchanges shared by Pentoshi, head of TA at Blockfyre
Other trends show that ETH is accumulated for the ETH2 upgrade. Over the past few days, over $ 15 million of the leading cryptocurrency has been deposited into the ETH2 deposit agreement as investors try to earn returns on their coins.
Ethereum investors expect the upgrade to further raise the coin’s price as yield expectations grow in the platform. Staking is expected to provide 5-12% of the return (in ETH) paid each year.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Analysts Think Ethereum Will Push Toward $500 After Bounce at $420
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