Analysts Think Ethereum Will Push Toward $500 After Bounce at $420


Ethereum has dropped since its $460 highs. The coin of the leading cryptocurrency currently trades for $440, though analysts say that it may catch a bid if it goes lower. Analysts are specifically eyeing the $420 region, at which point ETH should post a strong bounce. Bolstering the Ethereum bull case, on-chain data shows that there is an accumulation of the coin taking place. Other trends show that ETH is being accumulated for the ETH2 upgrade. Over $15 million worth of the leading cryptocurrency has been deposited in the ETH2 deposit contract. Ethereum Primed to Bounce Toward $500, Analysts Say Analysts think that Ethereum could move toward $500 once it manages to take $420 as support in the coming days. This comes after ETH has dropped strongly since the $460 local highs: “Pretty clear picture of $ETH Supply and Demand flips. Makes for a decent case that 420 down to…

Read the original article here