Ethereum (ETH) price continues to maintain its uptrend position as its price could go beyond $500.
Ethereum, an open-source blockchain innovation platform that brings out secure crypto transactions. It is considered one of the best digital currencies in the crypto world. According to CoinGecko, ETH’s price is at $445, at the time of writing.
[image lightbox=”1″ caption=”ETH Price Chart (Source: TradingView)”]https://thenewscrypto.com/wp-content/uploads/2020/11/ETH-Price-Chart.jpg[/image]
The price chart above shows the symmetrical triangle view of the ETH price. ETH has shown its huge spike from its bearish sink in Q1 of this year. If this continues, the ETH price might break from its resistance level of $465 and reach $470 to $495. The price could even soar higher over $500.
Moreover, ETH’s price could fall if the bulls start to turn against the crypto. It is expected to fall below at $399 with a drop rate of -11.528% from its current price of $445. Further, the bears could turn its current support level to a new resistance level.
In addition, ETH has experienced its two price drops in the past six months. However, it adds a steady growth in between. In case, this trend continues towards the end of the year, the price of ETH could go beyond $500 at the beginning of 2021.
Recently, the first phase of Ethereum 2.0’s deposit contract address has been deployed for staking. This follows with the ETH 2.0 launch on December 1. Moreover, this might be an adding phenomenon to Ethereum’s surge in price in the coming days.