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Is a new level of Ethereum price occurring? 

Is a new level of Ethereum price occurring? 

  • 22 November 2020
  • 245 View

According to cryptocurrency market news and analysis of the Minerland, on November 20, for the first time in two years, Ether regained $ 500. Ether has reached its highest level in the last 2.5 years and is following the upward trend of bitcoin. The cryptocurrency reached significant psychological levels in its price chart over the past week.

The data show that the price of Ethereum crossed its key psychological resistance on November 20. Of course, this cryptocurrency grew again after a short-term correction, and it has reached more than $ 540.

In the last 24-hour growth of Ether has reached 3.69%. The profit of Ether has satisfied traders who point to better performance of Ether compared to Bitcoin during 2020. So far, the return of Ether this year has been 360 percent, and the return of Bitcoin has been 148 percent.

At the time of the Covid-19 outbreak, the price of Ether was only $ 117, which is a 340% increase over its current growth. Meanwhile, the price of Bitcoin was $ 3,600 at the time of the Corona shock, which reached a return of 417% compared to its previous price, reaching $ 18,622.

Ethereum Price

How has the price of other Altcoins grown?

For the first time since June 2018, in addition to the Ether reaching $ 500, other major altcoins are showing clear signs of regrowth. Litecoin is one of the altcoins that has achieved a lot of growth. Litecoin is the only major Altcoin to emerge stronger than Bitcoin, rising 66 percent last month.

One market analyst argued that we should expect a new season for the Altcoins. The $ 20,000 ceiling can even be considered a realistic goal for Ether.

Another market analyst forecast a maximum price of $ 1,400 by the end of 2021.

On November 21, Bitcoin gained the most attention and crossed the $ 18,000 mark. It was the breaking of another resistance at its previous $ 18,420 ceiling. On November 22, Bitcoin peaked at $ 18,605.

The probability of reaching the historical record of Bitcoin has increased to $ 20,000. It is the only next resistance of these cryptocurrencies. Of course, a return of up to $ 11,600 is still possible. Under these circumstances, significant support for fans of the rising bitcoin market is at $ 17,200.

What were the main reasons for the increase in the price of Ether?

Predicting further growth of these cryptocurrencies remains strong. Two key factors appear to have contributed to the jump in Ether prices. The first factor is the market’s focus on Ethereum 2.0 development. The second factor is the explosive growth of the decentralized financial market, which has increased demand for Ethereum.

Since mid-June, Ethereum users have flocked to DeFi platforms to maximize profits to maximize financial incentives. The upward trend of the DeFi market can have a positive effect on the price of Ether for various reasons. The most important factor is the increase in the use of gas (Ethereum transaction cost). DeFi stands for Decentralized Finance, which commonly refers to digital funds and smart financial contracts, protocols, and “Decentralized Applications” built into Ethereum.

3 responses to “Is a new level of Ethereum price occurring? ”

  1. Eric Bevill says:

    Highly descriptive blog, I enjoyed that bit. Will there be a part 2?

    • Saghar Arjandi says:

      Thank you for reading the content. Yes soon!
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  2. Yanga Jili says:

    Wisely said, nice article though

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