Over the past few days, several analysts have revealed that Ethereum [ETH] is probably going to fall within the very near term. They point to the asset’s rejection within the resistance range of $430 USD to $470 USD just a couple of days ago, which suggests a return to native lows but this doesn’t seem to be a story for now.
Yet some traders agreed with this sentiment only recently, while, others added that there is an upcoming expectation of a rally afterward even further towards $600 USD soon.
After the Ethereum [ETH] price corrects, it’s likely to revert higher to $550 USD. While the present support price charts also reveal that there are some large holders supporting the cryptocurrency as per the warmth maps of leading exchanges:
Serenity or ETH2 Launch
Supporting the Ethereum [ETH] bullish case is the launch of ETH 2.0 [Serenity or ETH2]. The upgrade is predicted to imbue the cryptocurrency with a staking premium, alongside giving it the capacity to scale over time to combat scaling concerns currently seen with Ethereum 1.0.
Also, earlier this month, leading cryptocurrency exchange Binance has now revealed an in-house mining pool for the market’s leading altcoin by market capitalization, Ethereum [ETH].