Ethereum has seen a strong rebound since the September lows at $ 310.
The coin is now trading for $ 455, although it peaked at $ 465 a few days ago.
The technical trends show that the cryptocurrency is likely to continue its rise in the coming months.
In particular, analysts see a move towards $ 800 as this is where the macroeconomic resistance lies.
Ethereum: Technical trends suggest growth towards $ 800 is possible
Ethereum has seen a strong rebound since the September lows at $ 310. The price of the leading cryptocurrency recently peaked at nearly $ 465 and soared – risk appetite has returned to global markets.
The technical trends show that the cryptocurrency is likely to continue its rise in the coming months. And that’s despite the widespread belief that ETH may lag behind as Bitcoin is likely to shoot to all-time highs.
Since cryptocurrency has turned the $ 400 region into a prop, it is believed that it now has a stepping stone to hit $ 800.
Ethereum investors have long attached great importance to the $ 400 region. It served as a springboard during the rally at the end of 2017 and marked the highs of the medium-term rallies of the past two years.
An analyst also recently noted that Ethereum’s long-term trend for cryptocurrency remains positive. Referring to the macro chart for ETH, he adds that traders should have an exposure:
“In a vacuum, $ ETH is meltingly prepared for the serve. In our world, it has the unfortunate mandate of being valued relative to Bitcoin. Or you can find derivatives that allow exposure to both areas. Either way, I have to expose myself to this. “
Analysts expressly see a development towards $ 800
The chart below shows that Ethereum has little macro resistance up to $ 800-900. This region is the point where a recovery rally peaked in early 2018:
„Stop recording ETH versus BTC, which is where it is trading in USD. The HTF trend is very bullish through 2021, I really hope we get the chance to buy the $ 350 again sometime before we really start to see the price clearly at $ 600 and $ 800 … I have a big USD Position. „