At the beginning of last week, Ethereum it dropped to a low of $ 310- $ 315 as traditional markets plummeted, dragging cryptocurrency ecosystem prices even lower. Since then, the cryptocurrency has undergone an extremely strong rebound, recovering 25% to the $ 389 level where ETH is now.
Analysts now seem to want to look more optimistically at the evolution of ETH, looking at $ 392 as the main resistance level for cryptocurrency. If that level is confirmed as support, then it will lend credence to investor sentiment that Ethereum will push above $ 400.
In short, at least for the moment seems to be the crucial price level for ETH, seen and considered that several technical models suggest that the breach of this level and its subsequent confirmation as support should trigger a move towards $ 441.
Also helping the positive evaluation of Ethereum are the fundamentals on the cryptocurrency, which are bullish despite what happens in the short term with the asset price action.
Raul Jordan of Prysmatic Labs, who worked on the ETH2 upgrade, recently said about the imminent upgrade that "we can probably do a feature freeze by mid-October, allowing us to only work on security improvements and the UX before going live. Hopefully, from our point of view November is still a good month for launch ”.
Analysts expect the update to be a huge step forward in Ethereum's usability, which in turn should increase the value of the ETH. In the long run, analysts think decentralized finance will become a driving force in enabling PFs to gain value.
Chris Burniske of Placeholder Capital also believes that the DeFi will be a key factor in bringing Ethereum to a market capitalization of $ 1.000 trillion in the current market cycle. Will he be right?