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Ethereum (ETH) could soon reach $ 800! – Cryptocurrencies

Ethereum (ETH) on its way to $ 800?

More than 1 in 2 Ether (ETH) has not moved for 1 year: should this be seen as a bullish signal for ETH?

The latter is trading at $ 396 as of this writing. However, analysts place it at 800 USD soon, ie double its current price.

BTC and ETH always take the same paths

Postulate: the evolution of the price of an asset on the financial markets follows a cyclical operation.

Consequences: Traders try to determine the phase in which an asset is in order to anticipate the evolution of its price. Within a major cycle there are many minor cycles.

In what cycle or in what phase of this cycle are the top 2 cryptos found today in terms of market cap?

One of the cycles of Bitcoin (BTC) covers the period 2014 to 2017. For theEther, analysts believe it is currently in a bullish cycle that could take its price up to $ 800.

Ethereum has undergone several consecutive corrections following the increase in its price in recent months, an increase which was mainly linked to the rise of DeFi.

Support and resistance on the $ 800 road

The monthly curves indicate that the price ofEther is above the 100 and 200 week moving averages: this move allowed theETH move above the resistance level of 300 USD.

This level is a line of resistance that gives a hard time to theEther for 2 years. During this long phase of accumulation, the course ofETH fluctuated between $ 80 and $ 300.

According to analysts, the next resistance levels could be at $ 600 or around 775 USD – 825 USD.

The determination of this threshold depends on the new support area. If price does not find support at $ 300, it is quite possible that support will drop to the $ 220 to $ 245 range.

The launch ofEthereum 2.0 will likely contribute to a new impetus in the markets, increasing the likelihood of a ETH at 800 USD.

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Would a resumption of DeFi growth benefit the price of ETH or would it be unfavorable on the contrary? Not sure that the network congestion, the explosion of gas constitutes leverage for the 800 USD. And if you have to wait for Ethereum 2.0 for the $ 800 then, you really have to be patient.

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