Ethereum dived as low as $310-315 earlier this week. Legacy markets have tumbled, dragging along the crypto lower. Since then, the cryptocurrency went through an incredibly strong bounce. As a result, it has recovered 25% to the $389 level where Ethereum sits at now. Analysts are saying a certain level it has to overcome to have more upside.
Analysts are now keeping an eye on $392 as a level for the cryptocurrency. One states that the sentiment saying ETH will drive back above $400 will be strengthened if that level is confirmed as support.
Here are the Key Level Analysts Are Eyeing After Ethereum Surged 25% From Low
A leading cryptocurrency analyst believes that Ethereum will be primed to experience even more upside if it manages to cross $392 in its current recovery from the weekly lows.
He has put forth a chart that suggests that $392 is a crucial price level from an order book perspective. A move towards $44 will definitely be triggered if ETH would cross above that level and would confirm it as support. He stated:
Long-Term Fundamentals Remain Bullish
After all that happened in the short term with the asset’s price action, Ethereum’s bedrocks stay bullish.
Raul Jordan of Prysmatic Labs, who has been engaged on the ETH2 upgrade, recently talked about the imminence of the upgrade. He said that by mid-October, they can likely do a feature freeze. Accordingly, it would allow them to only work on security improvements and UX before going live. Moreover, he stated that November is looking good for a launch if all goes well.
Analysts are anticipating the upgrade to be a massive step forward in Ethereum’s usability. Furthermore, it would eventually boost ETH’s value. They believe that decentralized finance will become a driving force in allowing ETH to accrue value in the longer run.