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05 December 2020

Parabolic rally ‘a real possibility’ after Ethereum price surges to $547

Parabolic rally ‘a real possibility’ after Ethereum price surges to $547


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In the short term, traders generally foresee $600 as the major resistance area for Ether as it marked the beginning of a bearish trend starting in May 2018.

But, traders also believe that if Ether surpasses $600, it would likely enter the $700 to $900 range.

The strong fundamental catalysts for Ethereum and the favorable technical structure for Ether has traders optimistic about the near term price trend of Ether.

For Ether to see a prolonged uptrend, it would first need to reclaim the $600 resistance level as many analysts view this level as the biggest near term threat.

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cointelegraph.com
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