Crypto expert identifies key Ethereum price level to hold in order to reach $1,500
As the cryptocurrency market continues to switch between green and red after a difficult few weeks, Ethereum (ETH) is making small daily gains, leading crypto experts to identify crucial levels for these modest increases to continue.
Indeed, Ethereum is facing crucial resistance at around $1,200-$1,2500, which it needs to break in order to push toward the first price target at $1,336 and the second at $1,547, according to an analysis by the crypto trading expert Michaël van de Poppe, published on November 24.
As he added:
“Preferably want to see it sustain above $1,150.”
It is also worth mentioning that Bitcoincenter’s Ethereum rainbow chart had earlier breached the ‘Fire sale’ spot, the lowest band on the chart, last recorded in March 2020, as it was left without any lined-up catalysts that could trigger a bullish run.
Low price = chance to accumulate?
Meanwhile, the current price of Ethereum seems to have captured the attention of shark and whale investors (holding between 100 and 100,000 ETH), as they have been accumulating at the most significant rate in two years.
On top of that, the crypto community remains bullish on the price of Ethereum by the year’s end, estimating it would trade at an average of $1,465 on December 31, 2022, although this is a slightly lower prediction than the one earlier reported by Finbold, which stood at $1,509.
Ethereum price analysis
At press time, Ethereum was approaching Van de Poppe’s resistance zone, trading at $1,195, up 2.33% on the day. However, it was still down 0.39% across the previous week, adding up to the cumulative loss of 11.56% on the monthly chart.
With its market capitalization standing at $146.18 billion, Ethereum retains the position of the second-largest decentralized finance (DeFi) token, second only to Bitcoin (BTC), as per CoinMarketCapdata retrieved by Finbold on November 24.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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