Ethereum Price Increases Above $400, Bitcoin Correlation Is Still High

Vandana  |  Nov 6, 2020

The two largest cryptocurrencies are experiencing an impressive increase in their price. Recently it is reported that Ethereum price has now surged above $400 and also indicates that its correlation with Bitcoin is still really high. At present, Bitcoin is trading above the price of $15,000 and so does Ethereum as it is recorded above $400. Such a great increase in the price is coming during the 2020 U.S. presidential election results. The community believes that no matter who will win the election, both of them will be beneficial for the crypto market.

Ethereum Price Might Increase Above $400 Due to Ethereum 2.0

At present, Ethereum's price is around $438 which is quite close to $450 and it might surpass this level as well. Meanwhile, the community seems to be waiting for the launch of Ethereum 2.0 as the whales have already started to stock the token.

The price is increasing impressively in correlation with Bitcoin’s because both of them are increasing consecutively. It is also seen that the Relative Strength Index (RSI) is showing some really good signals. This directly means that Ethereum is definitely in a bullish outlook and the price will increase even further. Most of the market analysts are hoping to see Ethereum reach $450 soon. 

Ethereum Bulls Can Make it Reach $500

$450 is not the ultimate target as it is believed that Ethereum bulls can help to take its price to $500. Along with this, the launch of Ethereum 2.0 can also develop a rally to $1,000. At present, Ethereum users are trying to stock as many tokens as they can before the launch of Ethereum 2.0. One thing is quite important that the Ethereum price will have to reach $500 in the near future, to get higher support.

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