Ethereum price has seen a strong rebound since September’s lows near $ 310. ETH is currently trading for $ 452, despite having peaked at $ 465 a few days ago. Technical trends suggest that ETH is likely to continue to increase in price over the coming months.
ETH/USD 4-hour chart | Source: TradingView
Technical trends help Ethereum price potentially reach $ 800
Ethereum has seen a strong rebound since September’s lows near $ 310. ETH price recently peaked near $ 465, rising sharply as the risk-averse sentiment returned to global markets.
Technical trends suggest that ETH is likely to continue to increase in price over the coming months. This comes despite the widespread sentiment that ETH could be left on the sidelines as Bitcoin is expected to climb to an all-time high. Psychology is that since the cryptocurrency has turned the $ 400 zone into support, it will act as a springboard to $ 800.
Ethereum investors have long regarded the $ 400 area as one of the most important. It serves as a springboard in a rally in late 2017 and marks the highs in medium-term rallies over the past two years.
Analyst Castus has noted that Ethereum’s long-term trend is still positive, especially centered around $ 800. The chart shows that Ethereum has very little macro resistance until $ 800 – $ 900. That is the point at which a relief rally in early 2018 has topped.
“Stop charting ETH against BTC it underperforms USD. HTF trend is heavily bullish going into 2021; I really hope we get the chance to repurchase around $ 350 at some point before we really start to see price clear $ 600 and $ 800… I have a large USD position to spend.”
Meanwhile, Ethereum 2.0 is expected to drive Ethereum higher. ETH2 is a long-awaited upgrade that will provide Ethereum with a Proof of Stake consensus mechanism, allowing ETH holders to earn regular returns from their holdings. Analysts believe that the launch of ETH2 this year will cause a wave of Ethereum accumulation.
Some people especially think it will propel Ethereum to new all-time highs in the coming years, especially when ETH2 is fully launched.
You can see the Ethereum price here.
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