ETH goes firmly towards $500

As noted by CryptoBible 2 days ago, signs of Ethereum price bursting again are starting to appear. The long-term uptrend continuation is one such sign. It is represented by the fact that ETH/USD registered higher highs and higher lows since 15th of September.

Today, on 23th of November, the Ethereum price rose significantly within a 24-hour period, as it surpassed $380. There are two major support levels, first is $345 and second, the key support, is $280. Because ETH is over the 345 support level we have another strength sign. This suggests that, with the help of the data offered by other indexes, the price is still on its way to the $500 area.

On 1st of September the Chinese government started the crackdown on initial coin offerings. Since than the Ether price has struggled to achieve a new all-time high and break the $400 mark. Two months later, as billionaire hedge fund investor Mike Novogratz emphasized, Ether is preparing to initiate new rallies that would likely allow it to surpass the $400 mark in the short-term.

Overall, the bullish trend should continue throughout 2017 with the price of Ethereum reaching beyond $500. With several hedge funds backed by large investment banks such as JPMorgan, the daily transaction volume of the Ethereum network surpassed that of all of the cryptocurrencies combined in the market. Regarding the daily usage, the Ethereum network is the most widely utilized cryptocurrency in the market.

Keep a keen eye on the Ethereum price as great things are bound to happen!

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Written by Brad Chillum

Hugo Froch, Author at Cryptobible

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