Ethereum price extended the majestic rise above $400 to $440, but bulls focus on $500.
Ethereum 2.0 launch nears as investors rush to accumulate in anticipation of the price rallying to $1,000.
The largest altcoin rallied past $400 on Thursday, suggesting that its correlation with Bitcoin is still relatively high. At the time, Bitcoin settled above $14,000 but Ether hit a barrier at $410. A retreat occurred with ETH/USD forced to seek refuge at $400 before resuming the uptrend.
At the time of writing, the smart contract token is changing at $438 amid the rally eyeing $450. Ethereum whales are reported to be stocking the token in preparing for the much-anticipated launch of Ethereum 2.0. In other words, Ether is likely to resume the uptrend, perhaps rising significantly towards $400 whether Bitcoin stalls or continues with the ongoing spike to $20,000.
ETH/USD daily chart
The Relative Strength Index (RSI) is almost hitting the overbought, which suggests that Ethereum has some room for growth before a reversal comes into the picture. For now, all eyes are fixated on breaking the immediate hurdle at $440 and allowing ETH to rally to $450.
The IOMAP model by IntoTheBlock reveals the absence of strong resistance heading to $500. In other words, Ethereum bulls could easily settle the second-largest cryptocurrency above $500 in anticipation of the Ethereum 2.0-triggered rally to $1,000.
Ethereum IOMAP chart
On the flip side, the most robust support runs from $384 to $397 2 million addresses had previously bought 15.9 million Ethereum. It means that Ethereum has significant room for reversal before hitting formidable support. Therefore, higher support is required to ensure the rally continues to $500.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com