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Will Ethereum rise up to $ 550? What should investors expect?

Discussion in 'Altcoin Reviews' started by Switchere, Nov 20, 2020.

  1. Switchere

    Switchere Beginner

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    Since the beginning of the year, the Ethereum exchange rate has increased by 270%. Analysts expect the upward movement to continue, but there is a factor that may cancel the scenario with growth.

    The number of long positions on Ethereum at BItfinex has set a new historic high at 2.093 million ETH. Since the beginning of the year, this figure has grown by more than 300%. On the one hand, this is a favorable factor for the exchange rate of the cryptocurrency, as it indicates the confidence of investors in its future. On the other hand, the cost of altcoin has increased by 270% to $490 since January. If investors start fixing profit, that may lead to lower quotations.

    Ethereum maintains growth potential, NewsBTC analyst Aayush Jindal said. According to this forecast, the coin rate may rise up to $500 in the nearest future. If this level of resistance is overcome, the price is likely to continue rising up to $520.

    Jindal specified that the Ethereum quotes drop is also possible. The price may go down to $465. A key support level has been formed at this level, which will protect the cryptocurrency rate from a significant decline.

    Cointelegraph analyst Rakesh Upadhyay is also optimistic. In his opinion, Ethereum may rise to $520 and then to $550 soon. But to do this, the price of the coin must be fixed above the resistance level of $488, which is actively protected by sellers.

    Upadhyay stressed that it is important for the altcoin holders to keep an eye on the $442 level. An important support level has been formed here. If the Ethereum price falls below it, it will cancel the upside scenario and make it possible to drop to $399.

    The day before yesterday, November 18, IBC Group, an investment company based in Dubai, announced that it had invested about $10 million in Ethereum. The firm acquired 20,000 ETH and transferred them to a deposit contract for the second version of the altcoin network. When it is launched, this will allow the company to passively increase the number of coins through the stacking function.
  2. WalletInvestor

    WalletInvestor Contributor

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    I think it's likely that Ethereum will rise further, some investors might decide to take profit but many are holding long term.

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