Parabolic rally ‘a real possibility’ after Ethereum price surges to $547
In the short term, traders generally foresee $600 as the major resistance area for Ether as it marked the beginning of a bearish trend starting in May 2018. First, the Ethereum 2.0 network upgrade is progressing, as a large number of Ether continues to flow into the deposit contract address.
Researchers at Santiment wrote when Ether initially broke out of $500: The strong fundamental catalysts for Ethereum and the favorable technical structure for Ether has traders optimistic about the near term price trend of Ether. Although there is little historical data to suggest that Ether and altcoins will follow the same trend as three years ago, the narrative of a January 2021 altcoin rally remains strong.