Ethereum flashes multiple buy signals as uptrend eyes $500 ahead of ETH 2.0 launch

By November 16, 2020Ethereum
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  • Ethereum’s community is eager for the launch of Ethereum 2.0, likely to happen before the end of the year.
  • The bullish narrative to $500 is likely to hold water, especially if ETH/USD closes above the 50 SMA.

Ethereum price is trading bullishly within an ascending parallel channel, following crucial support at $440. The largest altcoin has reclaimed the position above $460 amid a bullish building momentum.

Ethereum is on the verge of a massive breakout

Ethereum is drawing closer to the launch of the much-anticipated Ethereum 2.0. The new protocol is expected to revolutionize the smart contract ecosystem. Simultaneously, Ethereum developers are confident that the upgrade will help the second-largest cryptocurrency solve its scalability challenges and significantly bring down traction costs.

The game-changer will be the introduction of the staking feature. Investors are already excited about the opportunity to lock up their coins within the network and earn rewards in turn.

Meanwhile, Ether is doddering at $461 after stepping above the 50 Simple Moving Average on the 4-hour chart. Ethereum needs to close the above this critical level to continue with the uptrend from the support at $440.

ETH/USD 4-hour chart

ETH/USD price chart by Tradingview

Currently, the trend is mainly in the bulls’ hands, especially with the Relative Strength Index recovering fast toward the overbought region. On the upside, ETH/USD is facing resistance at the ascending channel’s middle boundary. Trading above this area is likely to catapult Ether towards the coveted $500.

It is worth noting that Ethereum, the bullish momentum, will face some resistance at $480 (last week’s hurdle). Moreover, if Ethereum fails to hold above the 50 SMA, selling pressure could increase, sending Ethereum back to the drawing board, the channel’s lower boundary, and support at $440.

Ethereum Intraday Levels

Spot rate: $462

Relative change: 14

Percentage change: 3%

Trend: Bullish

Volatility: High

The post Ethereum flashes multiple buy signals as uptrend eyes $500 ahead of ETH 2.0 launch appeared first on Coingape.

The bullish narrative to $500 is likely to hold water, […]

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