Ethereum 2.0 price could hit $360 as release approaches
The release of Ethereum 2.0 is expected to happen in just a few months, and some analysts believe that the price of Ethereum may reach $360.
Ethereum, the world's second-largest cryptocurrency, is set to witness a further 60% rally after breaking key resistance, which jumped from yearly lows of $120 to just under $230.
Reports on February 9, 2020 show that since the beginning of the year, ETH has been one of the cryptocurrencies with the highest performance growth, and it is expected to maintain and continue to grow steadily.
At the time of writing, Ethereum price is around $220.
2020 has been an explosive year for the cryptocurrency so far, as it has maintained a strong growth momentum.
This massive growth has allowed the cryptocurrency to establish a highly bullish market structure, with Ethereum surpassing $225 in the past few days and another major leap is expected in the coming days.
According to analysts, this momentum is likely to continue until Ethereum reaches the next key resistance level at $360, a jump to which would mean a 60% gain from its current price level.
Speaking about this development, Nik Patel, a well-known cryptocurrency analyst on Twitter, pointed out in a recent blog that $230 represented the cryptocurrency’s previous support level, which has now become a resistance level.
“Prices have also closed strongly back above the 200MA and 360MA over the past few weeks and are currently at the previous support-turned-resistance level of $230. We could see Ethereum taking a breather here, but it could also just re- Testing trendline support and $200 double top support."
At the same time, Nik Patel said, "The reversal from here is anomalous, and the price of Ethereum has doubled since then. The price has also broken the trendline resistance since the June 2019 high and is ready to move to the next level." A weekly close above the $200 and $225 swing highs makes the market structure bullish and opens up a move to retest $360."
The trend is getting more and more attention from traders and cryptocurrency analysts, who have been taking turns to offer their insights on it.
Veteran trader Josh Rager also noted that Ethereum is still down 85.88% from its all-time high of $1417.38 reached in January 2018.
That, he argues, suggests it could be a good bet in the long run. Another trader named Satoshi Flipper also noted that “ETH volumes, spot and derivatives are looking excellent.”
Meanwhile, in related development, the original network parameters for the next Ethereum system upgrade (Eth 2.0) are expected to be launched this year. It was earlier reported that developers are 95% confident that Eth 2.0 will launch on Ethereum’s fifth anniversary on July 30, 2020.
The original text comes from coinspeaker, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from coinspeaker, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
This article is for investors' reference only and does not constitute any investment advice
