Here’s a Factor That Will Take Ethereum Higher
Cryptocurrency, News

Here’s a Factor That Will Take Ethereum Higher

Ethereum is still doing well after it started showing great strength in the previous couple of weeks. Interestingly, it is not showing any apparent sign of coming to an end soon as the current uptrend is powerful.

As the cryptocurrency moves up towards its high time frame barrier, analysts are generally seeing it posed for more moves to the upside in the near-term because of its robust market structure.

At press time, the performance of Ethereum was towards the upside at its current price of $383. It encountered some serious bearish pressure overnight around the mid-$350 zone, although buyers were able to clear this barrier.

Regarding the possible immediate trend of ETH, analysts are talking about more upsides in the coming days and weeks as the bears have not garnered sufficient strength to prompt any serious downtrend.

It has continued to break above several key barriers and it is now approaching $400 level which an analyst is expecting. Market participants think ETH will continue to do better than the entire cryptocurrency market. According to a renowned investor, the growth in narratives surrounding ETH 2.0 tends to strengthen the cryptocurrency.

As the upgrade draws nearer, people will become more bullish on ETH, thereby allowing them to increase their exposure. Hence, this may offer progressive bullish pressure that will lead ETH to more upsides.

The fund manager likewise noted that the unfolding of newer phases of ETH 2.0 within the coming two to three years will continue to catalyze the cryptocurrency for more growth.

 “The strong move in Ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings Ethereum closer to its final state and will be catalysts for ETH.”

It is clear that the ETH 2.0 upgrade has been influencing investors to accumulate the cryptocurrency. However, the upgrades should be implemented in time without any major delays for increased growth.

coinmag

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.