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Ethereum Ethereum TradingView

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

Posted On December 21, 2020 Rudy Fares 0

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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

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).

ETH/USD 1-Week chart – 2017 versus 2020
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.

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

Stay Ahead, Stay Updated

Rudy Fares

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This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#Ether#Ethereum#Ethereum 2.0#ethereum price



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