Ethereum Speculated to Reach $500 For the Time Since Its Launch

Since the launch of Ethereum back in 2015 till now, the native currency known as Ether (ETH) has experienced a significant increase in its price as well as volatility due to the record high transaction fees that ETH platform has started imposing on the miners and the traders. This is the reason why ETH has entered the raise to become the next giant in the history of cryptocurrency after Bitcoin (BTC).

At the end of August 2020, the price of ETH saw an entirely new and high price of $495 and then took a huge dip down to $308 right at the beginning of September 2020, which makes up for more than 30% of the coin’s price. This drop not only affected ETH alone but the entire crypto-economy as even Bitcoin experienced a fall from its high price of around $12,500 down to $9,800 before making a slight elevation to around $10,200 per coin.

After a detailed analysis of the historical data gathered from the crypto-currency data sources, it has been speculated that for now, ETH will hold on to the price of $300 per coin. However, ETH along with the rest of other major crypto-currencies is projected to show an upward trend.

When Ether reached the $495 mark, it was already known that it would soon fall so Ether tried their best to keep the breakout above $440 in the past weeks, which didn’t work as it didn’t show much strength. This triggered the sales of the ETH to grow massive and as a result, the price of ETH came sliding down to $360-$380. However, even the $360 support level wasn’t able to hold after multiple tests, and the price of ETH came down to $300.

However, the price of ETH has proven to remain stable at $300 and is now showing an upward trend. From the historical trend point of view, ETH started making gradual growth from $220 and ended up at $495 before coming down to $300 and becoming stable. Based on this growth and trend, ETH is predicted to hit $500 and remain stable if it is able to remain in the green zone of $300.