• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
Advertisement

Ethereum’s Ongoing Breakout Suggests a Move to $500 Is Possible

Nick Chong by Nick Chong
2 years ago
in Ethereum
0
Advertisement
  • The price of Ethereum currently trades for $420.
  • This price is $100 higher than the September lows and around 15% higher than the coin was trading last week.
  • ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.
  • Analysts are eyeing a move to $500 as $420 holds as support.

Ethereum Expected to Move Towards $500 as Key Levels Are Passed

Ethereum has undergone a strong rally over the past few days as Bitcoin has gained steam. The price of ETH currently trades for $420, $100 higher than the September lows and around 15% higher than the coin was trading at last week.

ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

One crypto-asset trader shared the chart below on October 22nd. It shows that because ETH is moving past the “major resistance” of $420, it could be cleared for a move to $500.

Image

Chart of ETH's price action since the start of July with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).
Source: ETHUSD from TradingView.com

The expectations of a move to retest the year-to-date highs near $490 have been echoed by other market participants.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Jonny Moe, a crypto swing trader, shared the chart below after the move higher. Like the aforementioned chart, it shows that ETH’s recent move to the upside is technically important due to the resistance levels the coin is crossing

“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”

ETH2 Around the Corner

Ethereum’s strong price performance comes as the ETH2 upgrade, also known as Serenity, has drawn closer.

In a blog post, ConsenSys developer Ben Edgington said that the ETH2 Deposit Contract is expected to be published this week. The publishing of this contract will confirm that the Beacon Chain Genesis, which will launch ETH2 officially, will launch in the next few days.

“Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!). Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official anouncements: do not send Eth to random contracts; this is not DeFi.”

This upgrade is expected to boost Ethereum’s value proposition as it will give the coin the ability to be staked, restricting supply. On a long-term basis, ETH2 is expected to result in long-term bull trend as the upgrade increases the network’s usability.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt
Charts from TradingView.com
Ethereum's Ongoing Breakout Suggests a Move to $500 Is Possible
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Zhejiang Testnet For Ethereum Staking Withdrawal Goes Live

Zhejiang Testnet For Ethereum Staking Withdrawal Goes Live

4 hours ago
Ethereum

Ethereum Network Usage Skyrockets As ETH Hits Two-Month High

3 days ago
Ethereum

Ethereum Staking Service Providers Make Up Over 70% Of Staked ETH Supply

1 week ago
Ethereum

Ethereum Total Validators Surpasses 500,000 As Shanghai Upgrade Draws Near

2 weeks ago
bitcoin and ethereum

Bearish Signal: Bitcoin, Ethereum Profit-Taking Reach 2021 Levels

2 weeks ago
Ethereum

Ethereum DeFi Suffered 76% Decline In Total Value Locked This Year

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The Premier League Welcomes Ethereum and Big Eyes Coin...

    3 hours ago
  • Why $21 Million Strong Presale Big Eyes Coin Is Here To...

    3 hours ago
  • Aave (AAVE) And FTX Token (FTT) Remain Stable, Orbeon...

    8 hours ago
  • Elon Musk Wants McDonald’s to Accept Crypto Payments...

    9 hours ago
  • North Korea Hackers Strike Axie Infinity (AXS) &...

    9 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.