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- Ethereum has been consolidating since it hit highs of $ 465 last week. It is neither high nor low in the past 24 hours.
- However, analysts say Ethereum is poised to move even higher in the coming weeks.
- An analyst noted that the cryptocurrency is currently in the midst of a bullish pennant pattern, which could trigger a move above $ 500.
Ethereum poised to see strong higher rally
Ethereum has been consolidating since it hit highs of $ 465 last week. The coin is currently trading for $ 445 and is neither up nor down for the past 24 hours.
However, Ethereum is poised to move even higher in the coming weeks. A cryptocurrency analyst recently shared the chart below, noting that ETH is likely trading a bullish pennant.
This pennant suggests that once Ethereum breaks the upper range of the pennant, it will move to $ 500 and potentially beyond.
Chart of ETH's price action over the past few months with an analysis by crypto trader Crypto Rand (@Crypto_Rand on Twitter). Source: ETHUSD from TradingView.com
Ethereum is also expected to move towards $ 800 as it turns the $ 400 region into support. A leading crypto-asset analyst recently shared the chart seen below, which shows there is little macro resistance up to $ 800-900:
“Stop charting ETH versus BTC, if it is a yield below USD. The HTF trend is strongly bullish in 2021, I really hope we get a chance to buy around $ 350 again before we really start seeing the net price of $ 600 and $ 800 … I have a great USD position to spend “.
Chart of ETH's price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter). Source; ETHUSD from TradingView.com
Also bullish fundamentals
The Reserve Bank of Australia recently announced that it will use Ethereum technology for its CBDC pilot test:
“The Reserve Bank announced today that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, in a collaborative project to explore the potential use and implications of a wholesale form of digital currency. central bank (CBDC) using distributed ledger technology (DLT) … The project will involve the development of a proof-of-concept (POC) for issuing a tokenized form of CBDC that can be used by participants in the wholesale market for the financing, settlement and repayment of a tokenized syndicated loan on an Ethereum-based DLT platform “.
The Reserve Bank will also partner with ConsenSys, the Ethereum-centric development studio, to work on this project. Of course, this is not a sign that they will actually use the formal Ethereum blockchain, but it is a validation of the technology behind it.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500
