Ethereum Price Likely to Recover despite recent Plunge

Despite prices sliding from over $630 to spot rates, Ethereum fundamentals are firm and recovery is highly likely. This is the view of one trader who suggests ramping up on every dip and adding long positions with first targets above $600 in the immediate term.

Details: 

Ethereum is a leading smart contracting platform and its asset is one of the most attractive for traders. Even so, the last few days have seen the coin fall by over $80 after peaking at around $640. For this reason, a trader is calming down the trading world by pointing out favorable technical candlestick arrangements that suggest bull trend continuation and a low probability of further break-downs. Eth2 recently launched. Every day, more validators continue to lock up their assets, locking out coins that would otherwise be in circulation. Overly, this is net bullish for Ethereum prices.

Impact on the ETH Price: 

Neutral. The crypto market reaped higher in November, with most building on gains of Q3. Ethereum, for instance, is  4X from Jan 1, 2020, and could rally to $800 as more projects launch on the platform and it successfully transit, resolving scalability troubles.

More market updates on our Blog