During the Bitcoin parabolic run that we’ve seen in the past few days, Ethereum has also witnessed a massive 57% price surge over the past week.
This was enormous, and the crypto managed to surge by 122% during the past 90 trading days.
Investinblockchain online publication shares a chart which shows how ETH managed to surpass BTC over the past 90 trading days so far.
At the moment, ETH is still placed on the second spot on CoinMarketCap, and it’s trading in the red, as most coins today.
ETH to reach $500 by the end of 2019
The online publication notes that ETH has the ability to hit $500 by the end of this year.
They write that for the coin to be able to hit this level from the price it has today, the crypto would need to increase by 90%.
If Eth was able to surge by 122% over the past 90 days, well, such a move does not seem too far-fetched at all.
ETH could definitely increase by 90% over the next 6 months. The last time when ETH was at the $500 level was back in July 2018.
“If the bullish pressure continues to cause ETH/USD to rise further higher, we can expect immediate resistance above the market to be located at $271,” the online publication notes.
The continue and explain which are the next resistance levels and conclude by saying that if the bulls are able to clear all these, then they will be then free to make an attempt at the target of $500.
Triggers in ETH price boost
Not too long ago, Smartereum mentioned that the fact that Ethereum will be starting its Proof of Stake integration could be a factor that triggered the boost in the coin’s price.
They also say that there’s a key development that has affected the price of ETH: the network’s transition to PoS (Serenity).