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What will be the upward trend of Ethereum by the end 2021? 

What is the upward trend of Ethereum by the end of 2020?

  • 8 November 2020
  • 353 View

According to Digital currency market news and analysis of the Minerland, after the price of Bitcoin rises, the price of Ethereum has risen sharply to $ 447. Traders expect the cryptocurrency to reach the $ 500 peak soon as it continues its upward trend.

According to Cointelegraph, the Ethereum rose to $ 435.90 on 6 November. This happened as Bitcoin fell from $ 15,900 to $ 15,500. In the case of Ethereum’s current uptrend, traders believe that at least in the short term the growth of this digital currency will continue.

Decrypt news reported that Ethereum co-founder Vitalik Buterin sent about 3,200 Ethers, valued at about $ 1.5 million, to a fledgling deposit agreement on the platform to prepare for the equity.

For example, some analysts believe that if the level of 450 is maintained, it is not too far from expecting to see a price of $ 815 in the coming months.

What are the reasons for the upward trend of Ethereum?

There are three reasons why Ethereum continues to rise in the coming weeks. These three reasons are:

  1. The optimistic technical structure of the Ethereum chart over the long term,
  2. The positive indicators within the blockchain,
  3. The launch and update of the Ethereum 2.0,

From the weekly chart of Ethereum, it can predict that its price trend is upward. The price of Ethereum may reach 800 thresholds by confirming the level of $ 360 as a level of support.

The digital currency is currently testing the $ 450 resistance level. This level is still a strong resistance barrier in front of the Ethereum.

According to data from the analytical platform Skew, the volume of futures trading has increased notably since late October. It indicates that traders have opened a special account at the level of $ 450. It is the surface that the Ethereum either defends or tries to cross.

What are the reasons for the upward trend of Ethereum?

What will happen to the price of Ether after the launch of Ethereum 2.0?

Some analysts expect that after 1 December, when Ethereum 2.0 launches, the event will lead to a shortage of ether supply.

Under the Ethereum 2.0 share system, users can share 32 ethers and receive a 15% bonus in return. Sharing means allocating Ether to the addresses of the Ethereum 2.0 contract. During the shareholding period, users can not move or use their Ethers and can only withdraw their assets by stopping the shareholding.

If equity can take its place among users, it can make a steady, relatively low-risk profit. With this method, the number of circulating ethers will reduce considerably. For instance, a minimum deposit of 32 ETH is required for use in the new blockchain. That’s about $ 14,000 at Ethereum’s current value on 8 November.

As more users participate in the shareholding system, the Ethers sold to become fewer. As a result, it is not too far-fetched to expect the price of this digital currency to break and pass the $ 450 resistance barrier as demand for ether grows sharply.

2 responses to “What is the upward trend of Ethereum by the end of 2020?”

  1. Herve Fodouop says:

    Good explanations

  2. Yanga Jili says:

    Wisely said and interesting

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