Ethereum Price Smashes Above $500 for the First Time in 2020


    Ethereum trades above $500 for the first time since 2018

    Bitcoin also broke above $18,000 and maintained successfully

    Ethereum required to maintain above $488 to continue the surge

Ethereum’s Next Hurdle Is Too Far

Ethereum price smashed key resistance, hasn’t traded as high as $500 since mid-2018. Its the phase where-in Bitcoin price is also on the way to attain its heights levels of 2020. Currently, ETH price needs to maintain above $490 levels to surpass $500 yet again.

The surge took place amid the authorities granted Grayscale Ethereum Trust,  the first publicly quoted ETH investment product in the US and only the second digital currency investment product to become an SEC reporting company after the Bitcoin trust.

Ethereum price chart

If the current attempt to cross $500 fails, the ETH price may revisit below $490 levels before jumping back above $500. This may even take a couple of days more. 

Also Read: ETH 2.0 Mainnet Launch Must Happen in 2020 Says Ethereum Co-Founder Vitalik Buterin

Will ETH Price Touch $700

The ETH price chart showcases the current strong resistance levels between $480-$500 levels. Once it attains, the next road would be very tough for the asset as it has to go a long way out to touch the next resistance levels.

As mentioned by the user, the next stop for the ETH price would be above $700 and later above $800. The huge gap of more than $200 is formed as ETH price remained below $440 for a long time.

For now, the ETH price is required to maintain the current resistance level at $488 and not revisiting the daily lows at $465 to continue with the bull run. The next strong resistance levels are formed around $706, after attaining ETH price can explode to the next levels.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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