Analysts Expect Ethereum to Rally Above $500
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Analysts Expect Ethereum to Rally Above $500

November 12, 2020      Jafrin Ahmed

Ethereum has undergone a strong rally over the past 48 hours followed by a period of weekly lows. The price of Ether is currently up by 5% over the past 24 hours and is priced at $473. Ether had outpaced Bitcoin once again with BTC being up by only 3% in the past 24 hours. Analysts believe that Ethereum is expected to see further gains above $500.

Ethereum to Rally Above $500

Both Bitcoin and Ethereum are currently undergoing a risk-on sentiment from investors. Crypto market data shows that investors have been completely risk-on followed by the three U.S. presidential elections. It might be due to the fact that investors are indeed aware that certain policies will affect their crypto investments in a positive light.

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Crypto analyst Josh Rager says that Ether could move at a much higher level compared to its current state if it looks on closing to at a pivotal level. Rager says that if the cryptocurrency can close above $482 then moving above $500 is a natural process, last seen since July 2018.

Crypto market trends further indicate that there are significant sell orders on leading cryptocurrency exchanges in the $480 region. Hence the cryptocurrency has to move past these selling pressures before one sees a rally.

Ethereum Faces Consensus Bug

Ethereum did face a setback yesterday when the network had to undergo a consensus bug due to some of the service providers still using the old client.

Even Binance CEO Changpeng Zhao took to Twitter to remark on the matter:

“There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.”

However, a few of the crypto leader such as Blockchair’s lead developer Nikita Zhavoronkov has said that such kind of setbacks shouldn’t be underestimated:

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“In my opinion, today’s consensus failure in #Ethereum shouldn’t be underestimated and should be considered as the most serious issue Ethereum has faced since the DAO debacle 4 years ago. An investigation is in order.”

#$500 Ether #Crypto Market #Ether #Ether price #Ethereum
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.