Here’s Why Analysts Think Ethereum Could Soon Move to $350


  • Ethereum has rallied slightly over recent highs after a strong correction from its $390 highs.
  • The coin now trades at $370 as of this article’s writing, slightly below the aforementioned highs.
  • Despite tailwinds like Bitcoin moving higher and a strong legacy market, analysts think ETH is on a short-term downtrend.
  • Analysts say that there’s a good likelihood Ethereum moves towards $350 in the near future.
  • ETH moving to $350 would mark an over 5% drop from the current prices.

Ethereum Could Soon Drop Towards $350

Ethereum is prepared to move lower after shedding the support of an uptrend formed at the start of September. One analyst shared the chart below on September 20th, noting how the recent technical reversal could lead from a drop from $370 (where it is now) to approximately $355:

“Safe to say we went a different direction than I originally intended, but I never lost sight of the liquidity I depicted in my previous tweet. It now looks to me that we are on our way to the triple lows. Fortunately I hedged on my “On the Verge” post last night.”

Chart of ETH's price action over the past few weeks with analysis by crypto trader Chase NL. Chart from TradingView.com

This was echoed by another market commentator, who noted that Ethereum’s ongoing drop is setting it up for a decline to $330:

How To Get Free Crypto  

“Looking good now after the rough start to the trade. We are testing Monday’s midrange now. If we lose the weekly open then I’ll try to compound this targeting 355 then mid 330s. Took 50% off at the target and letting the rest ride for now. Should be a good week!”

Chart of ETH's price action over the past few weeks with analysis by crypto trader TraderKoz. Chart from TradingView.com

Long-Term Trends Still Bullish

Investors are still optimistic about Ethereum’s medium to long-term prospects despite current price weakness.

Chris Burniske — partner at Placeholder Capital and a former crypto-asset analyst at ARK Invest — recently found that a majority of his followers think ETH will finish 2020 above $500 and beyond.

Corroborating the expectations of upside, Ethereum has continued to see notable technical developments. Raul Jordan of Prysmatic Labs recently remarked that the ETH2 upgrade is set to go live in November:

“We can likely perform a feature freeze by mid October, allowing us to only work on security improvements and UX before going live. If all goes well, November is still looking good for a launch from our perspective.”

The upgrade is expected to boost ETH’s potential by giving it a staking premium, along with giving it more capacity to process more transactions.

Photo by Jr Korpa on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingView.com
Here's Why Analysts Think Ethereum Could Soon Move to $350

Go to Source
Author: Nick Chong


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.