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Ethereum has enjoyed a massive rally over the past two days despite some weakness on the part of Bitcoin. The leading cryptocurrency has rocketed from the $500 region to highs near $600 as of this article’s writing.

ETH currently trades at $590, dropping slightly as Bitcoin shows some weakness after an impressive 70% rally. Ethereum is set to move even higher in the days and weeks ahead, analysts say, as it clears notable resistance levels in the high-$500s and the $600 region.

The : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Ethereum Set to Move Even Higher, Analysts Say

Analysts think that Ethereum is primed to move even higher in the days and weeks ahead. The reason: the cryptocurrency has managed to break cleanly past notable resistances during this strong move higher.

Ethereum currently faces no notable resistances until the $800 region if it manages to pass $590-600 on a daily level today.

Plus, the Ethereum weekly candle was arguably extremely bullish when it came in approximately a day ago.

Commenting on the chart seen below, which shows ETH’s macro price action against the price of USDT, a trader who predicted 2018’s lows months in advance said:

“i repeat, there is no resistance on $eth from here until $800, literally nothing, that is all.”

Chart of ETH's price action over the past few years with an analysis by crypto trader SmartContracter (Twitter handle).
Source: ETHUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH Becoming Deflationary

Boosting Ethereum right now may be the prospect that the

“The issuance schedule is ~4.7M per year for the next ~1-2 years or however long it takes until the merge, and then ~0-2M per year minus burned fees (which could be even greater than the issuance!) once PoS is fully in place. I don’t think it’s even productive to give any kind of different answer. That said, I do hope that the fact that the phase 0 code is finished and is basically just waiting for people to deposit has significantly de-risked the transition compared to eg. even six months ago!”

For the issuance rate of ETH to actually be narrative, though, there would have to be a large amount of transactions.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: ETHUSD, ETHBTC
Charts from TradingView.com
Here's Why Analysts Think Ethereum Could Go Parabolic to $800 Soon

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