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Quick grip:
- According to cryptocurrency analyst MagicPoopCannon, Ethereum may be on track to test $ 750
- If $ 750 is broken, Ethereum could very well push as high as $ 830
- His analysis is based on Ethereum moving in a parallel channel since February of this year
- Ethereum will continue to face pullbacks, but a retest of its all-time high is possible
The month of November is drawing to a close and the Ethereum (ETH) digital asset is once again above $ 500. As of this writing, Etheruem is trading at $ 550 and a strong monthly close could signal the start of trading. a new push towards $ 600.
The price of Ethereum could rise to $ 750
According to cryptocurrency analyst MagicPoopCannon, Ethereum will eventually reach all-time highs. But for that to happen, ETH may first experience a pullback or brief consolidation within a parallel channel that has its genesis in February of this year. Below is the Magic graphic showing this channel.
By adding Fibonacci levels to the parallel channel, Magic points out that Ethereum could very well be on a path towards $ 750 and possibly $ 830. If these areas of resistance were broken, Ethereum would have a clear path to test its all-time high of $ 1,400. .
Looking at the Fibonacci levels, you can see that ETH has just burst above the 32.8% retracement. So, if this area does not act as resistance and if the top of the proposed channel is breached, I think the price could quickly rise to 50% retracement (around $ 750) and then the pin high of $ 830.
Ultimately, I think ETH will repeat the all-time high, but have some withdrawals along the way. The top of this proposed channel could be the starting point for the next consolidation or temporary withdrawal.
ETH2.0 deposits continue, exceed the requirement of 157%
In terms of bullish events, the first phase of ETH2.0 is underway with the launch of the Beacon Chain which is expected to start on December 1st. In addition, deposits on the ETH2.0 staking contract continued despite the fact that the minimum threshold of 524,288 ETH was reached.
According to CryptoQuant’s on-chain data, a total of 823,200 ETH has been sent to the deposit agreement. This amount is 157% of the requested amount.
The latter fact is clear evidence that Etheruem investors want the upgrade and eventual stake of ETH. Such investor confidence is very bullish for Ethereum over the long term and one of the reasons why ETH could retest its all-time highest value.
