Bull Pennant Predicted Ethereum Will Soon Shoot Towards $500

A Bull pennant predicted that Ethereum will soon shoot towards $500 as the coin consolidated since hitting $465 high last week but it didn’t go up or down in the past 24hours so let’s read more in the latest ethereum news today.

Analysts say that Ethereum is primed to move higher in the upcoming weeks ahead. The analyst noted that the cryptocurrency is now in the middle of the bull pennant pattern which will trigger a move above $500. Ethereum is also expected to surpass $800 as it turns the $400 region into support. The leading crypto asset analyst shared a chart which shows that there’s little macro resistance until $800 and $900:

 “Stop charting ETH against BTC it underperforms USD. HTF trend is heavily bullish going into 2021, I really hope we get the chance to buy around $350 again at some point before we really start to see price clear $600 and $800… I have a large USD position to spend.”

Australia’s Reserve Bank announced it will be using Ethereum technology for the CBDC pilot test as well:

 “The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

The Reserve Bank will also partner with ConsenSys, the ETH-focused development studio in order to work on the project. Of Course, this is not a sign that they will be using the formal ETH-blockchain but a validation of the technology behind it. As recently reported, Ethereum will remain weak if the bulls don’t manage to flip one key level since its price was trapped below one crucial level over the past few days.