In the past trading week, there was little movement in the prices of Bitcoin and top altcoins. That’s why a lot of people now wonder ‘How high could Ethereum price go?’. After BTC / USD showed a bullish trend in the previous week and the price broke the 11,000 dollar mark again, there was a place for a further increase towards 12,000 dollars.
Even Ethereum investors currently see a sideways movement of their investment. At the beginning of the week, the results were very promising. ETH / USD increased to $392, approaching the $400 mark. But here a significant correction took place. It pushed the altcoin price down again by around 7 percent.
However, the price has changed significantly compared to the previous week. ETH / USD is currently trading at around $417 after a massive 13% jump in the past 48 hours. How high could Ethereum go? Today, we’ll try to find out!
How High Could Ethereum Price Go: ETH / USD Exchange Rate Development
Let’s consider the most important facts about the price development of ETH / USD in the past trading week. How high could the price of Ethereum go?
- The exchange rate maximum of ETH / USD was reached on October 12th — $386.68.
- The exchange rate minimum of ETH / USD was reached on October 16th — $365.17.
- The median price last trading week is $376.58.
So, how high could Ethereum go? The total market cap of ETH has increased by over $6 billion in the past seven days. Ethereum’s market cap is $47.28 billion. Ethereum has a market share of 12 percent of the entire crypto market. Bitcoin, however, has a dominance of 58 percent.
Ethereum Is Going High: ETH Price Forecast
How high could Ethereum price go? Moving averages indicate a short-term bullish trend for Ethereum. Prices went up from the area between the signal lines. This fact indicates pressure from buyers and a potential continuation of the asset’s price growth from the current levels.
How high could the price of Ethereum go? What should we expect? At the moment, we should expect an attempt at a bearish correction in the value of the coin and a test of the support level near the 400.05 area. Thus, we can expect the continued growth of the Ethereum rate with a potential target above the level of 445.05.
How High Could the Price of Ethereum Go: Coronavirus Crisis
The uncertainty is related to the global Coronavirus crisis. The number of cases has reached new highs all over the world. Almost all of Europe is struggling with the pandemic and the situation in the USA situation hasn’t improved. Investors are very cautious because the risk of a new lockdown is high. The consequences of the economic shutdown became apparent last March. Stock exchanges and the crypto market had a one-off crash.
If the prices fall sharply again, this could of course offer an opportunity to buy Ethereum cheaply. Experience shows that the crypto market usually recovers quickly after a crash. Ethereum crashed to $110 in March and increased its value in just a few months.
However, some experts suggest that there won’t be a second crash. The prices may rise significantly quite soon. The US election 2020 can have an impact on this issue, among other things.
How high could Ethereum price go? What do you guys think? Feel free to share your forecasts in the comments. Have a great weekend!