Ethereum, which has achieved great gains over the weekend, started a parabolic move by seeing a break above the $ 210-215 range at the beginning of the weekend. The digital asset, traded around $ 235 as of writing of the news, is approaching the short-term $ 250 target, where bulls await resistance.
This move is no surprise, given the latest price indicators and increased activities around Ethereum. For beginners, we can say that; the token has been in a huge accumulation phase for the past few weeks. Network usage in Ethereum has reached an all-time high recently.
After the gains at the end of the week, Ethereum has solidified its place as the biggest altcoin. The second largest altcoin is XRP, with a market value of just over $ 9 billion. At the time of writing this news, Ethereum triples this value with a market value of over $ 27 billion.
Although Bitcoin has a long way to reach the market value of over $ 177 billion, Ethereum is moving fast compared to other altcoins. Growth and seasonal correlation in bitcoin and altcoins may indicate that Ethereum is redefining itself. This situation can be perceived as an indication that Ethereum can get out of altcoin status like Bitcoin.
Journey to the $ 300 Level
The bulls can reach $ 250 in the coming hours, or see a strong retreat. In the event of a withdrawal, the bulls will have to hold the $ 230 level to keep their currency in an upward trend in the coming days. Another disadvantage is that bears are likely to drag ETH to the $ 220 price level.
With project improvements and Ethereum 2.0 coming soon, even with a strong retreat, the asset will go above $ 250 and will even see $ 300 levels in the next few weeks. As Ethereum 2.0 approaches and investors are confident, FOMO will play an important role in driving Ethereum up to $ 300.
Depending on the success of the launch, the digital asset can form a longer-term trend. However, although it is generally thought that a launch guarantees upward movement, excessive purchase and dump of the altcoin can be expected after the release of Ethereum 2.0.