Price Analysis

Ethereum set for ‘sustained price rise’, according to analyst

Ethereum is incredibly close to continuing its superb performance of later having broken above the $600 level of resistance.

The world’s second largest cryptocurrency by market cap is now set for a “sustained price rise”, according to eToro analyst Simon Peters.

Peters goes on to say that ETH 2.0’s highly-anticipated launch on December 1 will act as a catalyst for the upcoming rally.

“It is hugely positive that the migration [to ETH 2.0] can begin as scheduled and once staking rewards are distributed, I should imagine more people will look to participate by buying ether on exchanges or online platforms.

ETHUSD chart by TradingView

“However, ethereum has seen a strong price increase over the last few weeks, making the cost of buying 32 ether to operate a node more costly. Currently sitting at $611, ETH remains far below its all-time high of $1,430.

“From a supply and demand perspective, the community should also note that there is a lot of ether locked in to DeFi protocols, although it has taken a dip in recent weeks. Combine these locked away tokens with the newly staked ETH and there is a possibility of a supply side shock.

“Nevertheless, if people see the long term value that this migration could have on the network, we could see the value of ether continue to sustainably rise.”

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.