Ethereum printed pivotal bullish signal while holding the $390 region and the coin could rise higher in the months ahead as we can see today in our ethereum price news.
As the charts show, ETH bounced off the $380 and the $390 horizontal region which marks a win for the bulls. The charts also show that over the past few months, the high levels of $300 were important for ETH to hold. The coin managed to do so and this now bodes well for the bulls case. Ethereum is expected to move higher in the upcoming months ahead as Ethereum printed pivotal bullish signal.
The leading Binance futures trader Logan Han shared a chart as well which shows that ETH could see a macro rally to $800 in the upcoming months as it undergoes a bullish breakout from the descending triangle/wedge pattern. The charts were shared after he pointed out that Etheruem’s price action now looks similar to the one seen before in 2017 during the exponential rally. The rally took the coin from $300 to the highs of $1400 in a few months. Ethereum has a long-term value accrual mechanism which could drive the price higher.
ETH’s 3 value accrual pillars:
– Trustless SoV ✅
– EIP-1559 (fee burning) ⏲️
– Staking ⏲️
Which leads to:
– Trustless economy (DeFi)
– Deflationary ETH
– In-protocol ETH yield
We’ve only got 1 out of 3 currently but ETH has a market cap of $46bil.
Imagine when ETH has 3/3.
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) October 24, 2020
For one, Ethereum’s improvement proposal 1559 is expected to be rolled out in the upcoming months or year. analysts see that this is a pivotal investment for the value accrual mechanism:
“The purpose of EIP 1559, according to Eric Conner, is to provide wallets and users a much needed improvement to the user-experience of gas management. The way that EIP 1559 solves the gas-management problem also improves Ethereum’s monetary management system.”
The estimates suggested that if EIP 1559 was activated in the past 12 months, one million ETH would have been burned. ETH2 is also expected to be activated soon. ETH 2 will give the entire network a natural staking preimium where those that are looking to earn yields could buy ETH and then stake it in order to earn a passive income. As reported earlier, A top analyst says that ETH could soon outperform Bitcoin this cycle despite it underperformed it for the past two weeks. BTC shot around 20% higher in the past 10 days alone and ETH gained about 8%. The trend is not isolated however as almost all leading altcoins are underperforming bitcoin. the severity of the spike to the upside only compressed gains in the altcoins as all focus on the capital is focused on Bitcoin right now.
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