• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Ethereum

Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500

by admin
November 11, 2020
in Ethereum
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Related Posts

Merge Effects Continue As Ethereum Futures Prices Fall To All-Time Lows

Proposed ETHPoW Fork Poses An Existential Threat To Ethereum. Can It Succeed?

What The Impending “Triple Halvening” Means For The Future Of Ethereum

Here’s Why Vitalik Buterin Believes Crypto Payments Will Become Mainstream


  • Ethereum has consolidated since hitting the $465 highs last week. It is neither up nor down in the past 24 hours.
  • Still, analysts say that Ethereum is primed to move even higher in the weeks ahead.
  • An analyst noted that the cryptocurrency is currently in the midst of a bullish pennant pattern, which could trigger a move above $500.

Ethereum Primed to See Strong Rally Higher

Ethereum has consolidated since hitting the $465 highs last week. The coin currently trades for $445 and is neither up nor down in the past 24 hours.

Still, Ethereum is primed to move even higher in the weeks ahead. One crypto-asset analyst recently shared the chart below, noting that ETH is likely trading in a bullish pennant.

This pennant suggests that once Ethereum breaks the upper range of the pennant, it will move to $500 and potentially beyond.

Chart of ETH's price action over the past few months with an analysis by crypto trader Crypto Rand (@Crypto_Rand on Twitter).
Source: ETHUSD from TradingView.com

Ethereum is also expected to move toward $800 as it turns the $400 region into support. A leading crypto-asset analyst recently shared the chart seen below, which shows that there is little macro resistance until $800-900: 

“Stop charting ETH against BTC it under performs USD. HTF trend is heavily bullish going into 2021, I really hope we get the chance to buy around $350 again at some point before we really start to see price clear $600 and $800… I have a large USD position to spend.”

Image

Chart of ETH's price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter).
Source; ETHUSD from TradingView.com

Fundamentals Also Bullish

Australia’s Reserve Bank recently announced it will be using Ethereum technology for its CBDC pilot test:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

The Reserve Bank will also be partnering with ConsenSys, the Ethereum-focused development studio, to work on this project. Of course, this is not a sign that they will actually be using the formal Ethereum blockchain but is a validation of the technology that underpins it.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500



Source link

Tags: BullishEthereumPennantPredictsshoot

Popular

Market

Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni

by admin
October 19, 2020
0

While regulators are trying to restrict privacy in crypto, their efforts may be futile, according to privacy-centric protocol Monero’s...

Read more

FinCEN Fines Bitcoin-Mixing CEO $60M in Landmark Crackdown on Helix, Coin Ninja

October 19, 2020

Analyst Claims Bitcoin Unlikely to Gain a Trend Until 2 Key Events Occur

October 19, 2020

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

October 19, 2020

Bitcoin News Roundup for Oct. 19, 2020

October 19, 2020

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Binance Recovers $450K Stolen From Curve.Finance
  • Huobi Founder in Talks to Sell Majority Stake at $3B Valuation: Report
  • Genesis Digital Locks In 708 MW of Energy for Bitcoin Mining
  • Ethereum Miners Face an Abrupt Change Following the Merge
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%