After days of consolidation near $390, Ethereum broke above a downward trendline and surged to $431. If bulls hold these gains, the target is $500. Pentoshi, lead technical analyst at Blockfyre, expe
After days of consolidation near $390, Ethereum broke above a downward trendline and surged to $431. If bulls hold these gains, the target is $500.
Pentoshi, lead technical analyst at Blockfyre, expects the advance to continue. He points to $450 as the first resistance on the weekly chart, with capital rotating from other altcoins into Ethereum supporting the move.
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Support lies between $390 and $397, where the 20-day and 50-day moving averages sit at $394.40 and $392.19. Buying at this level helped trigger the breakout above the trendline.
Transaction fees on Ethereum hit $6.8 million in a single day this week, the highest ever recorded. Decentralized finance platforms have exploded on the network, driving up gas costs. Traders pay more to execute transactions and run farming strategies.
Ethereum 2.0, the network's long-awaited upgrade, is approaching. The shift from mining-based proof-of-work to proof-of-stake will change how the network operates.
Futures trading shows the same bullish appetite. Open Interest in ETH contracts reached $1.5 billion for the first time, according to Skew Analytics.
ETH/USD traded at $426 at publication time, up 10.18% on the day. The move broke above the 2020 high of $415 from August 2. If momentum continues, Ethereum could test $500.
Bitcoin moved above $11,700, with buyers testing the $12,000 level for the third time in weeks.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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