Ethereum still bullish, but $500 price break still not in sight

2020-11-17 11:02

Daily gains on the live charts may not mirror a bullish Ethereum, but “IncomingSharks” a cryptocurrency analyst explained to his Twitter audience that Etherhttps://zycrypto.com/tag/ethereumeum, the world’s second most valued cryptocurrency by market capitalization is still buoyant enough to hold support at its current price. Ethereum is on its 4th “SuperTrend” and this is still a bullish indicator for Ethereum traders, says the analyst.

“Eth still holding bullish on the 4th SuperTrend. If support can hold here, I will long. If it breaks, I’ll start selling some of my spot.” – IncomingSharks.

In the above chart, the four trend lines represent Ethereum’s movement in October and November. It further reflects the balance in price movement, a pattern that has, for the most part of November allowed Ethereum to remain above the $420 support level.

At that support level, we can see a nearly equal split in buying and selling pressure, but as the trend patterns continue, the bears are taking control over the market, with multiple bearish engulfing patterns following a previous one. Just like the analyst highlighted, staying long on Ethereum if the $440 support level is maintained, can be less risky. But if there’s any slightest drop that follows, prices could go downhill from there.

The daily Ethereum chart seems to communicate that the former is already taking place. In the last 12 hours, Ethereum has begun to make a succinct price correction. Multiple bullish reversal patterns indicate that there has been a reduction in price rejection from sellers. Should the bullish reversal patterns multiply, ETH could move past prior support and eye $500 in the coming days.

At press time, Ethereum 2.0 staking is still ongoing, and almost 17% of the staking process has been surpassed. This will set the stage for the arrival of proof-of-stake which will come with the Beacon Chain by December. In the short term, expectations for ETH’s price are as bullish as they are bearish, but in the long-term, the network upgrade is an event that the community is clinging unto.

Network renovation and restructuring will create an entirely different foundation for Ethereum. The network’s biggest problems – transaction time, network congestion, will be brought to the barest minimum. Let’s not forget that the demand for DeFi is not affected by the technical hurdles. Fundamentally, DeFi solutions are still highly sought after in the community. The result of the upgrade could change the network forever. The impact of this could stretch to all DeFi tokens, and ETH’s price will also be favored by this outcome.

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