Analysts Think Ethereum Will Shoot Toward $700 as Key Resistances Break

Analysts Think Ethereum Will Shoot Toward $700 as Key Resistances Break


Ethereum has exploded higher since the daily lows, rocketing from the $515-520 region to highs close to $580. The coin has retraced slightly to $565 as of the weekly candle close.

Analysts expect ETH to move even higher in the days and weeks ahead. There are a number of technical and fundamental trends set to drive the coin even higher, including the imminent launch of ETH2, the growth of the decentralized finance (DeFi) space, and the simple fact that there is little technical resistance from here toward $700.

Bitcoin’s outlook is believed to be somewhat bullish as well. While some are starting to get worried by BTC’s technicals, there are fundamental signs that suggest the leading cryptocurrency will continue its ascent. Further strength in the price of Bitcoin should bode well for Ethereum and other altcoins, though it is currently unclear which coin will outperform the other.

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Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

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