Ethereum price expected to rise after rising to $ 547

Traders expected the price of the Ethereum tokens (ETH) to rise; After the alternative currency recorded a new high for 2020 at $ 547.

According to the Queen Telegraph, in the short term, traders generally expect $ 600 to be the main resistance area for Ethereum as it marks the beginning of a downtrend that begins in May 2018. As such, $ 600 can be an area of ​​interest for sellers.

But traders also believe that if Ethereum goes over $ 600, it will likely enter the $ 700 to $ 900 range. Above it, there is little resistance to a new record high.

Still positive outlook on Ethereum

The Ethereum network has seen many triggers emerge in recent months. First, the Ethereum 2.0 network upgrade is progressing, as a large number of Ethereum coins continue to flow to the address of the deposit contract.

Ethereum 2.0 is a significant upgrade to Ethereum's move from its Proof of Work (PoW) consensus algorithm to the Proof of Stake (PoS) algorithm. Essentially, it removes miners from the network to improve transaction reconciliation.

Second, the data on the chain shows that the whales continue to accumulate Ethereum. This trend coincides with declining Ethereum exchange reserves, particularly as more asset holders deposit digital assets in an Ethereum-2 deposit contract.

When Ethereum came out of $ 500 at the start: Following in the footsteps of Bitcoin against the dollar, the Ethereum against the dollar pair reached its highest level in 29 months At $ 509. June 21, 2018 was the last time the price was high for the digital asset that is ranked second in the market. The rise of the top ten Ethereum holders, along with the coin supply on the exchanges, fueled the rally.

Ethereum's strong fundamental catalysts and the appropriate Ethereum technical structure made traders optimistic about Ethereum's near-term price direction.

Michael Van de Pope, a full-time trader at the Amsterdam Stock Exchange, said a rally to $ 600 is possible. But above that, the trader said that the way around $ 900 to $ 1000 is open.

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