Ethereum Consolidation Initiates a Bull Run Towards $600, Is $1k Imminent?

Published by

Sohrab Khawas

December 16, 2020

Ethereum More Propitious than Bitcoin

Ethereum in the recent items has showcased a sense of stability by maintaining less volatility than even Bitcoin. Many analysts still believe Ethereum price is still highly undervalued and one of the reasons is ETH being poured in millions in DeFi. However, they expect the ETH price may explode in 2021.

Some of the analysts believe ETH price may surpass $1000 and touch $1250 after the consolidation.

According to the analyst Altcoin Sherpa ETH is currently following its ‘Bullish December’ trend, it showcases every December from last 3 years. He further says that Ethereum offers at least 100% ROI every December.

The prices exploded from $387 in the first week of November to $620 in the first week of December, which almost 100% growth in a month. However, the current price is slightly lower than $620 but expected to touch $1000 soon.

ETH Price Analysis

Ethereum price currently is heading strongly towards its next set target at $600 initially. Once the target is hit and maintains above it successfully, ETH bull rally is unstoppable. Currently, ETH price is trending within an ascending triangle, moving upwards awaiting a strong breakout.

ETH price at the time of composition is $585 with a dip of 0.68 percent in the last 24 hours.

The Ethereum price needs to get tested at an initial resistance of $597, post to which the next resistance at $610 will be imminent. However, the strong support levels are very close at $580 and need to sustain very strongly above these levels.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.