Ethereum Expects to Hit $750 as Price Holds Key Technical Support

Ethereum blockchain native’s token ETH expects to reach $750 in the fourth quarter as it holds above a crucial technical support level.

On Monday, the ETH/USD exchange rate attempted to breach a short-term ascending trendline for the tenth time since November 26. But bulls held up near the supportive base, raising the pair’s potential to log a rebound in the coming hourly sessions.

How To Get Free Crypto  

But retracement to where? Apparently, each of the Ethereum token’s rebound from the support trendline has exhausted near a resistance level of $621. Together, both the trendlines give the impression of an Ascending Triangle structure, a technical pattern that traders consider bullish.

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

In retrospect, Ascending Triangles appear in the midst of an ongoing trend. They tend to behave as a stopover range, an area wherein the asset consolidates for a while before continuing in the direction of its previous trend. Traders develop their setups accordingly.

A $750 Ethereum

Ethereum’s ETH token has formed a similar structure, confirmed by a horizontal resistance trendline accompanied by a rising one. The cryptocurrency now trades within the structure’s range, only to a breakout later to the upside. It was rallying upward before it formed the consolidation pattern.

Ethereum’s Ascending Triangle pattern. Source: ETHUSD on

Ethereum's Ascending Triangle pattern. Source: ETHUSD on

Josh Rager, the co-founder of — a crypto trading education platform, noted that ETH/USD’s consolidation inside the Ascending Triangle pattern raises its possibility to form a higher high. He noted that the next leg upward would be at least above $700.

Coinbase Banner  

“Ethereum is just grinding up slowly over the past month,” he explained. “If price can hold this trend and make its way back up to retest $610+ — I would expect the next move to be a higher-high With a push to over $700.”

Per the chart above, the consequential upside target for Ethereum is approximately $762. The Ascending Triangle breakouts typically shoots the asset upward by as much as the pattern’s maximum height. The AB line segment represents the height, which is about $141 long. The CD line segment is the expected breakout move and is equal to AB.

That serves as one of the main technical reasons why Ethereum could shoot upward. Meanwhile, fundamentals are supportive.


ETH 2.0, Ethereum’s breakaway from proof-of-work to become a full-fledged proof-of-stake platform, is now live with the launch of Beacon Chain. The community has shown support for the milestone upgrade by locking over $600 million worth of ETH in its core smart contract.

That has effectively removed at least a million ETH tokens out of active supply. Meanwhile, the token’s demand expects to shoot upward as more speculators join the Ethereum 2.0 bandwagon. Even Grayscale Investments, a New York-based crypto investment trust, admitted that they are witnessing a significant rise in “Ethereum only” investors, signifying the cryptocurrency’s reach the institutional circles.

“Over the course of 2020 we are seeing a new group of investors who are Ethereum first and in some cases Ethereum only,” said Grayscale’s managing director Michael Sonnenshein. “There’s a growing conviction around Ethereum as an asset class.”

Tapas Paul, the lead developer of YFDAI Finance — a yield farming platform, noted that Ethereum 2.0’s ability to make its blockchain cheaper would ensure sustainable demand for ETH.

FreeBitcoin Banner  

“I see ETH 2.0 and the switch to POS as a critical milestone on Ethereum’s road to maturity,” he told NewsBTC via email. “It will offer greater revenue-generating capabilities to a much wider set of users, which will lead to mass adoption.This was a prime consideration for YFDAI when we made the decision to build on Ethereum.”

So it appears, more projects could join.

Go to Source
Author: Yashu Gola

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.