Tanya Abrosimova
Independent Analyst
- ETH has jumped to a new 2020 high ahead of ETH 2.0
- The next bullish target is set on approach to $700.
ETH hit a new high of 2020 at $626 (data from Coinbase) as the market is expecting ETH 2.0 launch. The rollout is scheduled for today at 12 UTC and it will start a new era for the second-largest blockchain ecosystem in the world. The number of Ethereum nodes has skyrocketed ahead of the launch.
ETH is on fire ahead of ETH 2.0 launch
At the time of writing, ETH is changing hands at $628 with an upside trend gaining traction. The on-chain data provided by Intotheblock shows that the bulls will face little to no resistance until at least $710. The price may reach the new psychological barrier before the ETH.2 launch as the market is playing by "buy the rumor, sell the fact script."
%20Analytics%20and%20Charts-637424185616000319.png)
ETH's In/Out of the Money Around Price" (IOMAP)
On the downside, In/Out of the Money Around Price" (IOMAP) model shows that there is significant support around $550. About 535,000 addresses bought over 7.8 million ETH between $530 and $550, meaning that the selling pressure may slow down here.
The key technical levels to watch
According to the confluence detector, ETH is sitting on top of strong support created by a combination of November high and the short-term EMA. Once it is broken, the sell-off may be extended towards the psychological barrier of $600. This support is highlighted by Fibonacci 38.2% daily and 15-minutes Bollinger Band lower boundary.
The next barrier lies on the approach to $550 and is home to the Fibonacci 23.6% monthly and the 4-hour Bollinger Band middle boundary.
ETH/USD confluence chart
On the upside, a sustainable move above the local resistance created by the Pivot Point 1-day Resistance 1 at $630 can trigger further growth towards $700 guarded by the Pivot Point 1-month Resistance 1.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.