Analysts Bullish On ETH Reaching $700

As Ether (ETH) trades near $600, analysts are optimistic that the second-largest digital asset would continue surging to hit $700. A leading cryptocurrency trader, Edward Cleps, noted in a tweet that ETH would continue ascending, asking if $700 is “too much to ask”. NewsBTC added that ETH hit $700 in late 2017 and mid-2018. 

Apart from Cleps, other analysts are also bullish on ETH. The analysts said ETH’s maintenance of key resistance levels will most likely lead to a correction toward the upside. 

Per the newly-launched ETH 2.0, Messari analysts highlighted the effects of the upgrade on the supply of ETH. The analysts said that the ETH 2.0 is poised to reduce inflation:

“Further reducing the potential issuance if ETH 2.0 until Phase 1.5 are the likely shape of the staking adoption curve, validator performance, and transaction fee burns (EIP 1559). Staking participation will likely start low and increase over time as holders gradually become more comfortable with the Beacon Chain and deposit more ETH into the deposit contract.”

Considering the highlighted factors, Messari analysts said net issuance from the upgraded network could reduce drastically. 

At press time, ETH is down 1.68% to $581.25. With a trading volume of nearly $9 billion in the last 24 hours, ETH stands at a market valuation of over $66 billion.