Parabolic rally ‘a real possibility’ after Ethereum price surges to $547

Parabolic rally ‘a real possibility’ after Ethereum price surges to $547

Gate Trade News Sunday, November 22, 2020 16 0

Traders expect Ethereum price to move higher after the altcoin secured a new 2020 high at $547 today.

 

The price of Ether (ETH), the native cryptocurrency of Ethereum, has surpassed $547. Following the breakout, traders are pinpointing several key resistance levels in the near term.

 

In the short term, traders generally foresee $600 as the major resistance area for Ether as it marked the beginning of a bearish trend starting in May 2018. As such, $600 could act as an area of interest for sellers.

 

But, traders also believe that if Ether surpasses $600, it would likely enter the $700 to $900 range. Above it, there is little resistance until the all-time high.