Bigger Ethereum gains have analysts focused on what the smart contract handling blockchain might do in the future.
Today Aayush Jindal at NewsBTC contemplates Ethereum breaking above $4500.
“Ethereum surged over 5% and surpassed $4,500 against the US Dollar,” Jindal writes this morning. “ETH traded to a new all-time high and it could continue to rise towards $5,000 in the near term.”
Citing a “break above a key bearish trend line,” Jindal dissects the potential of ETH to rise further.
“Ethereum formed a base above the $4,250 and $4,300 support levels,” Jindal writes. “ETH started a fresh rally above the $4,400 resistance zone and the 100 hourly simple moving average. The price even climbed above $4,500 and traded to a new all-time high.”
However, he does not rule out a downside correction, writing:
“An initial support on the downside is near the $4,540 level. The first major support is near the $4,500 level. The main support is near the $4,400 level and the 100 hourly SMA. The 50% Fib retracement level of the recent wave from the $4,150 swing low to $4,642 high is also near the $4,400 zone. Any more downsides could lead the price towards the $4,320 support.”
In the future, part of Ethereum’s gains might have to do with comparing its blockchain processes to those of Bitcoin, often seen as the front-running cryptocurrency. For example, there’s this analysis of on-chain builds by Edward Oosterbaan at Coindesk.
A future in which Ethereum can continue to subsidize validators without diluting those that hold ether is very promising for the network.
Look for additional activity on ETH as investors wait for bigger gains. Remember, this coin started out at less than $100 per unit! Now, early adopters who were diamondhands on this asset are holding strong with enormous upside in hand.
