Popular trader and crypto analyst Bitcoin Jack suggested that the Ethereum price could see an all-time high. The analyst, who supported his forecast with the graphics he shared, also gave a date.
The famous trader and analyst, known as Bitcoin Jack, who has about 65,000 followers on Twitter, argued that the bullish bells are ringing for the Ethereum (ETH) price. Expressing that a new record is on the way for Ethereum with the graphics he shared on his Twitter account, the analyst gave a date much closer than expected for this record.
Ethereum, the leader of the second largest cryptocurrency and altcoins currently traded at around $ 360 – 370, saw its highest value of $ 448 in early 2018. According to Bitcoin Jack, Ethereum could break this record again in the last quarter of 2020 or in the first months of 2021.
What is the technical situation?
- According to analyst Aayush Jindal; Ethereum gained a strong rise and managed to break the $ 370 resistance.
- Ethereum has surged over 4% over the past week, breaking the resistance levels at $ 355, 365 and $ 370
- According to the analyst’s calculations, ETH price is currently hovering above the 100-hour moving average.
- Jindal also said that there is a short-term uptrend formed with support near $ 372 on the hourly chart of the ETH / USD pair.
- According to the analyst’s comments, ETH may experience a retracement in the short term after its rise, but this drop may keep the $ 355 – 365 threshold.
- It will provide a long-term returns for ETH, another important issue is Ethereum 2.0 developments.
- Ethereum 2.0 was put on the table again to switch from the proof-of-work (PoW) algorithm for Ethereum to the PoS (proof-of-stake) model known as proof of ownership.
- According to the information released in the past weeks, the first step called “Phase 0” is planned to begin right after the presidential elections in the USA.
- If Ethereum 2.0 comes to life, the probability of ETH staking and earning returns could reduce a large portion of the ETH supply in the market.
- In such a scenario, given the interest in ETH-based DeFi projects, increased demand may result in the Ethereum price flying.