The Crucial Level to Watch as Ethereum Prepares to Shoot Toward $700
- Ethereum topped out dramatically in August when it hit $490, then crashed.
- The coin currently trades for $370, 25% below those highs.
- Analysts think that Ethereum could soon shoot higher as the macro trend remains bullish.
- ETH will need to hold a crucial support level in the $300 range, then decisively surmount the year-to-date highs around the high-$400s.
- Institutions are getting bullish alongside technical analysts.
- Grayscale Investments recently revealed that it has accumulated 2% of all of the cryptocurrency in circulation.
Ethereum Could Shoot Toward $600-700: Here’s Why
Barry Silbert, founder and CEO of leading digital asset investor the Digital Currency Group, recently said that Grayscale Investments owns 2% of all Ethereum now. This means that the firm holds 0 million worth of the coin, or approximately 2.2 million ETH.
Institutions are accumulating Ethereum as the decentralized finance (DeFi) revolution grows. Spencer Noon, head of DTC Capital, says on the matter:
Chart of ETH’s price action over the past few years with analysis by crypto trader and the had of TA at Blockfyre, Pentoshi.
Source: BTCUSD from TradingView.com
Analysts think that Ethereum is on track to shoot towards 0-700 in the coming months and years as long as it holds pivotal support in the vicinity of 0.
While everybody has been focused on our bitcoin accumulation, the @Grayscale Ethereum Trust now holds over 2% of all ETH in circulation
Institutions Accumulate ETH En-Masse
The head of technical analysis at Blockfyre, a crypto-asset research company, recently said on the matter:
— Barry Silbert (@barrysilbert) October 15, 2020
“ETH price discovery. 2021 Glaringly obvious only the patient will win but there’s trades to be taken within… 0 likely isn’t too far off. Eth 2.0 Phase 0 within a week could be one of many bullish catalysts although I just don’t think it looks as bullish as BTC. I refuse to not have it in my portfolio. It is the lifeline of alts, and has massive changes ahead.”
“My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first.”
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Carts from TradingView.com
The Crucial Level to Watch as Ethereum Prepares to Shoot Toward 0One analyst noted that a macro analysis of Ethereum suggests that as long as 0 holds, the coin will double to 0 over time.
There is an institutional aspect of the ongoing Ethereum market trend, boosting the chance the asset moves to the upside.
Analysts think that continued institutional investment in ETH will drive prices dramatically higher.
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