Quick take:
- According to crypto analyst MagicPoopCannon, Ethereum could be on a path to test $750
- If $750 is broken, Ethereum could very well push higher to $830
- His analysis is based on Ethereum moving within a parallel channel since February this year
- Ethereum will continue facing pullbacks but a retest of its all-time high is possible
The month of November is quickly coming to a close and the digital asset of Ethereum (ETH) is once again above $500. At the time of writing, Etheruem is trading at $550 and a strong monthly close could signal the beginning of a new push towards $600.
Ethereum’s Price Could Rally to $750
According to crypto analyst MagicPoopCannon, Ethereum will eventually break out to all-time highs. But for that to happen, ETH could first experience a pullback or brief consolidation within a parallel channel that has its genesis in February of this year. Below is the chart by Magic demonstrating this channel.
By adding Fibonacci levels to the parallel channel, Magic points out that Ethereum could very well be on a path towards $750 and possibly $830. If these resistance areas are broken, Ethereum would have a clear path towards testing its all-time high value of $1,400.
Looking at the Fibonacci levels, you can see that ETH just broke out above the 32.8% retrace. So, if this area doesn’t act as resistance, and if the top of the proposed channel is surpassed, I think price could rapidly rise to the 50% retrace (around $750) and then the pivot high of $830.
Ultimately, I think ETH will retest the all time high, but it will have some pullbacks along the way. The top of this proposed channel could be the starting point of the next consolidation or temporary pullback.
ETH2.0 Deposits Continue, Exceed Requirement by 157%
In terms of bullish events, the first phase of ETH2.0 is underway with the Beacon Chain launch expected to begin on December 1st. Furthermore, deposits to the ETH2.0 staking contract have continued despite the minimum threshold of 524,288 ETH being met.
According to on-chain data from CryptoQuant, a total of 823,200 ETH has been sent to the deposit contract. This amount is 157% of the required amount.
This latter fact is clear evidence that Etheruem investors want in on the upgrade and eventual staking of ETH. Such investor confidence is very bullish for Ethereum in the long term and one reason ETH could retest its all-time high value.
