Ethereum Price Prediction - Is ETH2.0 going according to plan?

After almost 20 days since the successful launch of Ethereum 2.0, various exchanges such as Binance, Coinbase, Huobi and Kucoin have launched trading and staking events and functions. Traders seemed to enjoy all those added benefits, on top of their coin holdings. When things become more complicated for the Average Joe, the latter tends to walk away most of the time, leaving room for the techies to tinker in their own realm. Is this the case that’s been happening in the crypto realm? What did ETH achieve since its launch?

Ethereum Price Prediction – The Uptrend continues

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Ever since the low of COVID-19 earlier this year, ETH reached a low price of USD 90. Since then, it has been going on a steady uptrend. Contrary to 2017 events where the price used to increase by USD 500 every week, we notice that this year, Ethereum’s price-action matured.

In figure 1, we can see a beautiful uptrend filled with good fundamental backings, contrary to events in 2017 (figure 1).

**Fig.1** ETH/USD 1-Week chart – 2017 versus 2020 – TradingView.com

Ethereum’s number of transactions is still ahead while its price lags

When Ethereum reached its all-time high back in 2017, it reached around 1.2 million transactions on a daily basis. Today, Ethereum’s number of transactions is hovering around 1 million daily transactions, while its current price is still less than half of where it was back in 2017.

**Fig.2** ETH/BTC # of daily transactions from July 2016 to date

Ethereum’s short term target insight

Currently, Ether is trading at USD 641, having successfully broken the strong psychological price of USD 600. It’s currently on its way to reaching its next target of a price of USD 780 (figure 3).

ETH/USD 1-Week chart – Ether on its way to reach its target price of USD 780 — **Fig.3** ETH/USD 1-Week chart – Ether on its way to reach its target price – TradingView.com

When we say short-term, in this case, we predict that the price should reach USD 780 sometime in Q2 next year, as figure 3 represents a weekly chart, where things take their time to progress.

Long gone are the days where prices increase by USD 500 within a week. Price maturity is a good thing, as it eliminates the cases of strong price adjustments.

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Rudy Fares

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