Ethereum Could Target $850 Once It Breaks Key Resistance, Claims Analyst

Ethereum Shows Signs of Strength as Bulls Absorb Selling Stress  

Published at Sun, 22 Nov 2020 22:00:04 +0000

“ETH: Buying this makes little sense to me. I would wait for reaccumulation around former immunity or for a break above range imply / weekly distribution to target $850 next.”

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Analyst: ETH Could Target $850 After This Vital Level is Broken

At the time of writing, Ethereum is trading up just over 3 percent in its current price of $564, which marks a massive rise from overnight lows of $510.

• Ethereum has flashed signs of immense strength despite a fleeting overnight selloff
• This recent decline came in tandem with that seen by the rest of the crypto market
• Bitcoin plunged below $18,000 before posting a”V-shaped” recovery and rallying significantly higher
• This recovery also helped lead ETH higher, together with the cryptocurrency rapidly navigating back up to where it has been trading throughout the past couple of days
• Its recent strength and unwavering uptrend imply that further upside is impending
• One dealer is watching for a move higher in the near-term, noting that it could rally towards $850 before its momentum slows down

The cryptocurrency has posted massive gains over the last few days, with its latest break over $500 creating momentum which has accelerated ever since.

One dealer explained that Ethereum could soon rocket as high as $850 once it can move past one crucial level.

Where it tendencies next will probably depend largely on its continuing reaction to the immunity that sits just above where it’s currently trading.
The extreme momentum seen over the last few days indicates that it may soon erase its trend of underperforming Bitcoin, together with the cryptocurrency targeting $600.
Where it tendencies next will probably depend on its continuing reaction to a key resistance level that sits just above where it’s currently trading.
He points to about $600 as the immunity to observe, with a break above here allowing for a parabolic rally to new post-2017 highs.

Bitcoin and the whole cryptocurrency market have been caught in the throes of an extreme bull run throughout the last few weeks and days, with Ethereum being particularly exposed to the recent market-wide strength.

Charts from TradingView.