Bullish on the horizon: What is the target for the price of Ethereum (ETH)?
The next target for the Ethereum price could be $ 750.
After the $ 1,400 record it broke with the rally in 2017, the price of Ethereum (ETH) could never rise above the $ 700 level again. As of this article, the ETH/USD trading pair is trading at $ 593 and is very close to rising above $ 600 again.
ETH / USD trading pair targets $ 750
ETH, one of the cryptocurrencies most affected by the movements of the Bitcoin price, will have a new target of $ 700 and $ 750 if it manages to break the resistance of $ 600. A technical analysis and triangle formation show that the price of Ethereum can rise to $ 770 by the end of December. The rising triangle formation has previously led to a serious rise in the price of ETH.
This formation, seen on the Ethereum chart, can increase by about 25%, allowing the price of $ 590 to rise to over $ 750 in an instant. In fact, the possible rise in the price of Ethereum is also supported by basic data. Analysis firm centiment reckons the bullish effects will also continue due to an increase in daily wallet addresses.
The Number Of Ethereum Wallets Is Increasing
The number of new Ethereum wallet addresses rose to a 35-month high and set a record on Saturday, Santorum said. The number of active wallet addresses in the Ethereum network was 177 thousand. Santiment stressed that this data is one of the most important elements of a possible rise.
January December 25, 2020 and January 2, 2021 may also see a significant increase in the price of Ethereum. This period of Upturn, also known as the New Year effect in foreign markets, has historically brought the price of ETH up several times. After January 2, the price is known to have fallen sharply.
Is the ETH price likely to fall?
Looking at the Ethereum technical analysis, there is no obstacle to the price rising to $ 700 in the near term. But in the event of a possible trend turn and sales pressure, the ETH price needs to hold on to the support of $ 400. If the Ethereum price fails to hold above $ 400, the bull market could literally end before it starts.
The fact that institutional investors are constantly buying Ethereum suggests that such a decline is unlikely, at least in the short term. The actual break for the Ethereum Price will start after the $ 750 point.