Analysis: ETH price likely to continue parabolic uptrend after surging to $547
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: JOSEPH YOUNG, reprinted with authorization by Odaily.
Editor's Note: This article comes fromETHCointelegraph Chinese (ID: CointelegraphChina)
Cointelegraph Chinese (ID: CointelegraphChina), Author: JOSEPH YOUNG, reprinted with authorization by Odaily.。
The price has exceeded $547. Following the breakout, traders are identifying several key near-term resistance levels.
seller's area of interest
However, traders also believe that if ETH surpasses $600, there is a high chance of entering the $700-$900 range. Above this, there is little resistance up to all-time highs.
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ETH’s weekly price chart. Source: TradingView.com
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The Ethereum network has seen a number of catalysts in play in recent months.wrote：
First, the Ethereum 2.0 network upgrade is underway as large amounts of ETH continue to flow into deposit contract addresses.
Ethereum 2.0 is a major upgrade that migrates Ethereum from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) algorithm. Essentially, it removes miners from the network to optimize transaction settlement.
wroteexpressStrong fundamental catalysts and a favorable technical structure for Ethereum have traders optimistic about ETH’s near-term price trend.
Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that ETH may fall back after reaching $600. However, this trader
, and above that, the path to $900 to $1,000 is open.expressPotential Ethereum price cycle with resistance. Source: TradingView, Michael van de Poppe
Anonymous trader "Rookie" also
express
, ETH may rise to $700 by the end of this year. Since July 2020, ETH has seen a parabolic uptrend, raising the possibility that ETH will rise long-term into 2021.
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