Ethereum is up nearly 10% in the last 24 hours, hitting $ 520 for the first time since 2018. The leading cryptocurrency is currently outperforming Bitcoin on a daily basis, although it still undercuts BTC on a multi-week basis.
Analysts assume that the cryptocurrency will continue to rise in the coming weeks as the trend for the top coin continues to appear positive.
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The Ethereum is rising
Analysts expect Ethereum to skyrocket higher in the coming weeks as it crosses key resistance levels in the high $ 400 values and hits the $ 500 mark. Referring to the chart below, which shows Ethereum breaking above long-term resistance levels, one analyst recently commented:
“Well, if everything goes according to plan $ ETHwhat is your “realistic” course objective? (Example: where are you going to try to close leveraged longs within a week or two?) Personally, I look to the $ 570 weekly level, with a potential boost towards around $ 600 if the momentum is really strong. “
Ethereum is set to move towards resistance in the $ 600 area, the trader said referring to the chart. As the chart shows, the next weekly resistance on the macro chart is $ 600.
Other analysts believe that Ethereum is free to move from current levels to $ 800. At this point, however, it remains to be seen whether this goes as expected.
Chart of ETH's price action over the past three years with analysis by crypto trader Chase_NL (@Chase_NL on Twitter). Source: ETHUSD from TradingView.com
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The developers of the Ethereum Foundation have released updates on the upcoming ETH2 or Serenity upgrade. The upgrade is expected to fundamentally overhaul the blockchain and implement new token economies.
Ethereum founder Vitalik Buterin recently commented on ETH2’s token economy:
“In two years the main task will be to stabilize and appreciate what we have built. Until then, participating in Ethereum is, in part, inevitably a prediction that the roadmap is good and that once this upgrade process is complete, we will actually get to a place where the network is efficient, stable, powerful and the basis of significant data can be parts of the world economy. “
Analysts believe the upgrade will drive prices higher as investors look to buy Ethereum to partake in bulk.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Ethereum Surges 10% Higher As DeFi Rally Continues, ETH2 Inches Closer