Price Analysis: Ethereum Price Could Claim $500 after Bounce at $420

After claiming $460, Ethereum, the second-largest coin by market cap, went down but it did not plunge due to bearish forces in the Ethereum markets.

Currently, Ethereum is trading above $440 but below $450. Market experts and analysts think it will express an upsurge after taking dive to as low as $420. After reaching $420, Ethereum’s price value could easily claim the figure of $500. Prominent crypto analyst said,” Makes for a decent case that 420 down to low 400s are area of interest for dip buys before further upside.”

Investors’ Accumulation of Ethereum

The on-chain data shows the whales are busy accumulating Ethereum coin as transactions worth millions moved out of the cryptocurrency exchanges. “258k $ETH moved off Binance in the last 24 hours. Almost 10% of what Binance had in it’s wallets,” says an analyst.

Ethereum’s upgrade, ETH 2.0, could pour a significant change in the price value as well as network adoption. According to market analysts, the price could witness new highs after the launch of Ethereum 2.0. It could also transfer the current consensus towards proof-of-stake which will benefit those investors who are willing to store Ethereum and take passive returns over it. The upcoming update will also push “network’s compatibility, scalability, and security.”

As a result of staking tokens, the Ethereum’s supply will decline, and as a result demand will get a push from those who want to claim steady profit on storage of coins.

Over recent few weeks, Bitcoin has performed extraordinary as it reached highest value since January. Due to exponential increase of the primary cryptocurrency, the altcoins have suffered a much as a result of increasing Bitcoin’s dominance. At the time of writing, the figure of Bitcoin’s dominance is standing at 64.14%.

Besides a blow from the top digital asset, Ethereum has surged by 10.28% over the last seven-days. However, it is exchanging hands at $15,138 after a slight decrease of 2.45% over the last 24-hours. While Bitcoin is trading $15,138.

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