According to data by CryptoCompare, around 08:55 UTC on Friday (November 20), the Ether (ETH) price broke through the $500 level.
As you can see from the three-year ETH-USD price chart shown below, the last the Ether price was this high was in June 2018.
Currently (as of 10:35 UTC on November 20), ETH is trading around $501.77, up 6.7% in the past 24-hour period.
Simon Dedic, co-founder of crypto-focused research firm Blockfyre, believes that if the price of Ether stays above $488 by the end of this week, then the ETH price has a good chance to go to $800 and then to $1400:
$ETH smashed key resistance, hasn't traded as high since mid 2018.
Fingers crossed we will stay above $488 until end of the week to close above, then it's going straight to $800.
And then straight to $1400.
And then straight to another galaxy.
Then you can take profits. pic.twitter.com/HOzBKXx1Rc
— Simon Dedic (@scoinaldo) November 20, 2020
As for prominent crypto analyst and trader Michael van de Poppe, his technical analysis of Ether’s latest price action leads him to believe that the ETH price is on its way to $1000:
The road to $1,000. pic.twitter.com/hLoZcJZCQD
— Michael van de Poppe (@CryptoMichNL) November 20, 2020
In the year-to-date period, Ether has managed to outperform Bitcoin without much fanfare, going from a low of $128.01 at the start of the year to $501.77, where it is now, for a gain of 292% vs USD. In the same period, the Bitcoin price has gone up 155%.
Matthew Graham, CEO of China-based asset management firm Sino Global Capital, appears to see a bright future for Ethereum:
500 is just the beginning let’s be serious
— Matthew Graham (@mattysino) November 20, 2020
Featured Image by “elifxlite” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
