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Analysts Bullish on Ethereum! ETH Price may Hit $900 by Dec-2020

Highlights

    Ethereum is expected to witness a dip in coming weeks and would bounce back to touch in between $700-$900

    The market capitalization of the digital asset increased by $50 billion in the last month with a surge in the price

    xETH or Xplosive Ethereum would soon be launched on Uniswap protocol

$350 Target Reached, Next Stop at $380?

The world’s second most favored cryptocurrency had a perfect bounce in recent days by crossing the $350 mark. It was also successful in maintaining above the mark for quite a long time. And hence the next support level to reach for the ETH bull run would be around $380.

In fact, one of the crypto analysts and Board Member of The Bird Nest, CryptoKnight, has predicted that ETH could reach above $700.

He has said that currently, Ethereum could view a dip but it would bounce back by year-end in December 2020. Moreover, he also said that the price could reach as high as $900.

However, he also specified the conditions that ETH needs to fulfil. ETH, currently, managed to sustain above $350 support levels and hence it needs to break $370 to go for $386. After this breakout, it needs to break the levels between $398 – $405.

The Market Cap of ERC20 Tokens Surpassed ETH

The market capitalization of ERC20 tokens has grabbed the spotlight. As it has managed to overtake Ethereum’s market cap. On-chain insight provider Santiment has tweeted that the ERC20 token market cap has flipped the ETH market cap.

On the contrary, the market capitalization of Ethereum has raised significantly due to the recent surge with the price. ETH in the past month had surged above $450 to reach $470. Therefore the market cap of ETH had also raised nearly $50 billion.

Xplosive Ethereum to be Launched – Will ETH Bounce Back Soon?

xETH or Xplosive Ethereum is a price reactive, deflationary token. It rewards buyers through positive rebases with each token equaling 0.01 ETH.

It also charges transaction taxes at the rate of 3 percent of the transaction amount. 2 percent is burned and 1 percent is sent to a pool that is distributed to the stakers.

Considering everything we can speculate a bull run for the digital asset . However, a specific condition needs to be satisfied to reach the heights. 

Will ETH reach  $900 or pull back below the levels? Tag us with your answers.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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