An XRP fractal predicts that ETH could swing back above the $400 price level following the legacy markets and the strong corrections over the past week as we are reading more in the latest Ripple price news.
According to an analyst, the price of ETH will soon undergo a bullish recovery above the $400 price level and this comes as analysts affirmed that Ethereum’s fundamentals are more bullish than even which include persistent development in decentralized finance and development in the scaling solutions like ETH2. ETH Ethereum is primed to move back above the $400 price level in the near future if it follows the trajectory of Ripple’s XRP as one crypto analyst observed a day ago. The analyst shared charts showing that the XRP price action is moving ahead of Ethereum and if this relationship continues to play out, ETH will bounce at the current prices near the $400 price level at which point it will reject:
“#XRP and #Ethereum: Something I’ve been keeping an eye on and why I’ve been looking for longs on this #ETH dip. Similar price action and levels being respected between the two charts. Lately XRP has been a little ahead of BTC and ETH on the way up and back down.”
The XRP fractal predicts that ETH could remain better despite some uncertainty above Ethereum’s price action as Spencer Noon the head of DTC Capital remarked:
“Crypto markets are red today. But consensus among most instl investors is that this is macro driven; not crypto driven. The fundamentals for $BTC $ETH and $DEFI have actually never looked better. Some will BTFD. Others will scale in. I expect both will be rewarded handsomely.”
Some will BTFD. Others will scale in. I expect both will be rewarded handsomely.
— Spencer Noon (@spencernoon) September 21, 2020
In terms of technicals, It was affirmed by developers that the ETH2 upgrade remains close. The analysts think that the upgrade will dramatically bolster the viability of ETH making it very significant if it moves forward. Afri Schoedon, an ETH developer stated on the matter:
“The Ethereum 2.0 beacon chain will launch in November unless we find severe bugs in clients or protocol. I’m in-between Vitalk and Justin with my estimation here, I don’t think that we necessarily need to delay Ethereum 2.0 into 2021 unless we find critical issues. We are well on track for a late 2020 launch.”
There are some uncertainties about ETH2 because of the security concerns discussed by analysts in the space.
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