Ethereum Price Analysis: Potential Resistances in Path towards $500
Ethereum price has expressed mixed reactions when bulls tried to push the Bitcoin price upward. The major resistance level is lying at $475 which needs to break if investors want to see $500 for the second-largest cryptocurrency.
In September, Ethereum managed to achieve $475 but did become successful in residing on that level for a long time. In yesterday’s bullish rally, the coin broke the resistance of $460 but failed in getting the high-day closing value witnessed in September. With bears’ pressure, the value returned to $460 again after a failed attempt.
Crucial Resistance Level: $475
In yesterday’s rise, Ethereum witnessed a monthly high of $475, and in case of resistance’ break, the value could soon claim $500 easily. In the short term, the resistance levels are standing at $475, $490, and $500, respectively. On the other hand, if it does not maintain its level at the current position, it may go down and the possible support levels are standing at $445, $439, and $430, respectively.
At press time, Ethereum is exchanging hands at $458 after a decrease of 2.09% of value over the past 24-hours. The major reason behind the price drop is the news of the latest Ethereum’s exploit on the part of a developer. An experienced coder stole $5 million in a flashloan involving 80,000 Eth coins worth $37 million. The protocol known as Value DeFi Protocol became the potential victim of flashloan attack. In a recent tweet, it said,” The MultiStables vault was the subject of a complex attack that resulted in a net loss of $6M. We are currently working on a postmortem and are exploring ways to mitigate the impact on our users.”
In the DApp sector, Ethereum is not the only champion now as the transactional volume of the Tron network is also surging at an exponential rate. According to statistics provided by the DappRadar for the month of October, Tron has collected a total of $280 million in DApp’s transactional volume, while Ethereum has collected $159 million in the same period. Similarly, the Tron network has witnessed an increase of 248% in daily active addresses, while Ethereum has seen only 10% growth in daily active addresses.
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