At press time, the price value of the second-largest coin, Ethereum, is standing at $550 after a surge of 6.43% over the last 24-hours.
Important Psychological Level: $550
The market analysts or those who are inspired by its potential are speculating highly bullish levels for the coin in the immediate future. The month of November is going to end, and the price value is standing to close to $550. The bulls are in busy pushing the price value above $600 in the coming days.
A prominent crypto analyst with the name MagicPoopCannon draws a bullish pattern for the second-biggest cryptocurrency. According to him, the Ethereum coin will witness new all-time highs after breaking the important resistance levels. He shared a graph posing a great channel that leads towards an all-time high value. Based on his speculation, the price would first cross $750 and then $830 to eventually reach $1,400, the all-time high position.
“Looking at the Fibonacci levels, you can see that ETH just broke out above the 32.8% retrace. So, if this area doesn’t act as resistance, and if the top of the proposed channel is surpassed, I think price could rapidly rise to the 50% retrace (around $750) and then the pivot high of $830,” he said.
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On its path towards an all-time high, there will be “some pullbacks along the way” and the “top of this proposed channel could be the starting point of the next consolidation.”
The first phase of the Ethereum’s new update, known as Beacon Chain, will go live by December 1. To active the first phase of the update, there is a need for 524,288 ETH in the staking contract.
As per the statistics provided by on-chain firm CryptoQuant, nearly 823,200 ETH has been deposited in the staking contract, which is 157% more than the threshold limit. It shows that users and investors interested in the Ethereum coin seem very bullish about the coin for the short term.
Ethereum is currently trading at $550, which is also an important psychological resistance level. In order to capture $620 on the short term trend structure, it will have to break through $550.
After reaching close to its all-time high value at $20k, Bitcoin’s price went below $17,000 as a result of bearish pressure. While Ethereum made its dive below $550 following the flagship digital currency. Over the weekend, the crypto markets made a great return.