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Ethereum (ETH)News

Ethereum Records Massive Jump In Price To Reach $585

Ethereum is presently doing big things in the market as the coin has witnessed a rise of up to 15% to smash a record monthly high of $585. Bitcoin saw the bears take over its price and return it to the $18,000 price region after the digital asset tried and failed to breach the $19,000 resistance figure on Saturday.

While Bitcoin is presently trading in that region, the bulls have taken over the Ethereum market as the digital asset has powered it to a new all-time high price last seen in June 2018. This bullish run is considered as one of the fastest for the second cryptocurrency according to market cap as it has been able to move from a trading price of $500 to presently rest around the $585 region.

Ethereum recovers from its recent woeful performance

Ethereum dropped a very woeful performance in the last seven days as the coin dropped from its previous price to trade around $460, losing 26% as of last week Monday. A look at the digital asset’s yearly performance shows that it has recorded a surge of about 350%, outperforming Bitcoin, which has only been able to register a rice surge of almost 150% in the last one year.

With this move, traders and analysts in the crypto market are presently looking at the digital asset’s next resistance level. One such is Josh Rager, an Ethereum proponent. He has said he is particularly interested in seeing how the digital asset does in the build-up to smash its weekly resistance level presently at $620.

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“If we are to look at the resistance that the coin is going to encounter on its way to the top, then we can first say that it needs to smash the $570 resistance and hold steady above it,” Josh Rager said. Furthermore, he also notes that once that level has been overcome, we can begin talking about the next resistance level, which is at $618. Notably, if Ethereum is going to hit that level, it has to experience a price pull back, but if it doesn’t, it would need a very crazy momentum for the bulls to take over and push it to that level.

Etheruem currently building momentum from the launch of ETH 2.0

Josh Rager has also noted that this level is currently the hodling level as traders in the market should seize this opportunity to accumulate more of the digital asset. Another analyst and trader, IncomeSharks, have noted that the Etheruem rally could eventually run out of momentum and head for a massive pullback in the process.

“If the coin losses momentum on its way to $618, then the only natural pullback area is $560, but if the bears take over at that moment, it could move closer to the $520 region. The analyst also noted that traders have nothing to fear of the coin reaching the $520 zone as its next support level is at $510.

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Much of the momentum required to make the powered surge is coming from the most anticipated launch of the ETH2.0. Even though early staking didn’t yield any good results, users have so far stepped up to pull the amount staked to over 55%. This means that users have staked a total of 291,352 Etheruem worth $1897 million in the launch, with the estimated amount of Ethereum remaining to be staked to be around 231,936.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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