$700 is an Important Resistance Level for Ethereum (ETH) Prices
The Ethereum price could fly towards $800 if bulls first overcome $700 according to Josh Rager, a cryptocurrency analyst. When over one million ETH locked-up through staking and developers working to slash network fees for better utility, analysts are bullish on Ethereum.
At spot rates, the Ethereum price is down roughly 50 percent from all-time highs. However, traders are optimistic, expecting better rates in years ahead. Compared to competitors and Bitcoin, Ethereum is the most actively used both in the development front and on-chain activities. With ETH trading at near 2020 highs, the $700 and $800 levels are immediate resistance marks and bull targets as the network evolves, trudging slowly towards their major milestones.
Impact on the ETH Price:
Bullish. Fundamentals are firm. Nonetheless, prices must edge higher, break above crucial liquidation levels before the coin tears higher towards 2017 highs of around $1,200. As prices hover above $550, ranging within a narrow channel, any breakout above $700 could spark a buy-off.
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