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Ethereum’s Next Hurdle Is Too Far
Ethereum price smashed key resistance, hasn’t traded as high as $500 since mid-2018. Its the phase where-in Bitcoin price is also on the way to attain its heights levels of 2020. Currently, ETH price needs to maintain above $490 levels to surpass $500 yet again.
The surge took place amid the authorities granted Grayscale Ethereum Trust, the first publicly quoted ETH investment product in the US and only the second digital currency investment product to become an SEC reporting company after the Bitcoin trust.
If the current attempt to cross $500 fails, the ETH price may revisit below $490 levels before jumping back above $500. This may even take a couple of days more.
Also Read: ETH 2.0 Mainnet Launch Must Happen in 2020 Says Ethereum Co-Founder Vitalik Buterin
Will ETH Price Touch $700
The ETH price chart showcases the current strong resistance levels between $480-$500 levels. Once it attains, the next road would be very tough for the asset as it has to go a long way out to touch the next resistance levels.
$ETH is giving us a hard time at this $480-$500 level because this is the last resistance for a while and there’s a huge gap after that.
— Goldsby (@Goldsby2RR) November 20, 2020
Think of this resistance as the final boss level resistance until about $700-$800. pic.twitter.com/cHbEhDFGzq
As mentioned by the user, the next stop for the ETH price would be above $700 and later above $800. The huge gap of more than $200 is formed as ETH price remained below $440 for a long time.
For now, the ETH price is required to maintain the current resistance level at $488 and not revisiting the daily lows at $465 to continue with the bull run. The next strong resistance levels are formed around $706, after attaining ETH price can explode to the next levels.