Ethereum’s share price hits its 2-year high of $500: will the $1,400 follow this year?
Mobile phone with Ethereum course history and Ether Coin
The Ethereum share price has reached the $500 mark for the first time since June 2018, currently exceeding the annual return of Bitcoin (BTC).
The Ethereum (ETH) price returned to $500 today, 20 November, for the first time in more than two years. This marks an important psychological price level for ETH. The Ethereum price thus Bitcoin Revolution takes advantage of the current momentum in the Altcoin market, which is increasingly recovering from recent weeks.
But where does this lead the price development of the second largest crypto currency in the world? Many believe that the scenario from 2017 will repeat itself in a similar way and that we could see an Ethereum price near the all-time high of $1,400 this year.
Ethereum price even outperforms Bitcoin
The Ethereum course has overcome the psychologically significant barrier of $500 in Friday trading. The price per ETH has increased 7.2% in the last 24 hours at the time of writing. This means that the leading Altcoin not only outperforms Bitcoin’s performance today, but in 2020 as a whole, with returns since the beginning of the year of 284% for ETH and 155% for BTC.
However, the strong increase in the Ethereum share price is not entirely surprising. In a chart analysis for ETH on 10 November, we already pointed out that the number 2 in the crypto market could be on the way to $500. The reason for this assumption was a pennant formation that had formed on the 4H chart.
Ethereum price forecast, ETH price
Ethereum price on the 4H chart (ETH/USDT). Source: Bitcoin booth, Tradingview.
As we can see on the chart from Bitcoin-Bude’s Telegram channel, the Ethereum price has reached the derived minimum target price of $500 today. It will be interesting to see whether the ETH bulls will succeed in establishing this important psychological hurdle as a new support. For this it would be important that today’s daily price closes above 500$.
Is this the beginning of the price rally to $1,400?
The Ethereum price currently shows many parallels to its course in 2017. Not only in terms of the price trend, but also in terms of some important on-chain metrics. Many investors are aware of this and therefore believe that ETH could follow a similar price trend as it did then.
Just like today, the Ethereum share price circulated around the $450 mark for a while almost exactly 2 years ago. It took only 34 days before ETH reached its all-time high of around $1,400. Said on-chain metrics and historical data indicated that this could now happen again.
The current daily active addresses, the transaction and transfer volume as well as the trading volume in the Ethereum share price show a strong similarity to the on-chain developments at ETH in December 2017. However, the parallels are too pronounced for many people here to assume that this is still a coincidence.
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