Bitcoin Jack: Could Be A New Record For Ethereum

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Popular trader and crypto analyst Bitcoin Jack suggested that the Ethereum price could see an all-time high. The analyst, who supported his forecast with the graphics he shared, also gave a date.

The famous trader and analyst, known as Bitcoin Jack, who has about 65,000 followers on Twitter, argued that the bullish bells are ringing for the Ethereum (ETH) price. Expressing that a new record is on the way for Ethereum with the graphics he shared on his Twitter account, the analyst gave a date much closer than expected for this record.

Ethereum, the leader of the second largest cryptocurrency and altcoins currently traded at around $ 360 – 370, saw its highest value of $ 448 in early 2018. According to Bitcoin Jack, Ethereum could break this record again in the last quarter of 2020 or in the first months of 2021.

Bitcoin-Jack-Ethereum-Fiyati

What is the technical situation?

  • According to analyst Aayush Jindal; Ethereum gained a strong rise and managed to break the $ 370 resistance.
  • Ethereum has surged over 4% over the past week, breaking the resistance levels at $ 355, 365 and $ 370
  • According to the analyst’s calculations, ETH price is currently hovering above the 100-hour moving average.
  • Jindal also said that there is a short-term uptrend formed with support near $ 372 on the hourly chart of the ETH / USD pair.
  • According to the analyst’s comments, ETH may experience a retracement in the short term after its rise, but this drop may keep the $ 355 – 365 threshold.
  • It will provide a long-term returns for ETH, another important issue is Ethereum 2.0 developments.
  • Ethereum 2.0 was put on the table again to switch from the proof-of-work (PoW) algorithm for Ethereum to the PoS (proof-of-stake) model known as proof of ownership.
  • According to the information released in the past weeks, the first step called “Phase 0” is planned to begin right after the presidential elections in the USA.
  • If Ethereum 2.0 comes to life, the probability of ETH staking and earning returns could reduce a large portion of the ETH supply in the market.
  • In such a scenario, given the interest in ETH-based DeFi projects, increased demand may result in the Ethereum price flying.

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