Ethereum (ETH) Price to Target $700 in June After Major Pullback

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Thu, 03/05/2020 - 13:45
Yuri Molchan
The second largest cryptocurrency has recently fallen from the $270 area. Still, traders are expecting it to skyrocket in the short-term and bring high ROI
Cover image via www.shutterstock.com
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Traders remain bullish on the second biggest currency, Ethereum, expecting the price to boost this summer. However, some believe it may happen only after a major price pull-back.

Also, it looks as though major crypto holders have recently been accumulating ETH as if they are also expecting a price surge in the near term.

‘Price could start clearing upwards to $700’

Today, in a discussion below his tweet, trader @BTC_JackSparrow recalled an earlier tweet. In it, the expert made a prediction that around June/July Ethereum might surge to the $700 level or even higher.

However, the trader believes it will first perform a major rollback, withdrawing to $166-$186.

Image via Twitter

His root tweet specifies the entry point he believes to be perfect for ETH.

‘ETH to bring the highest ROI’

Trader @IamCryptoWolf seems to be a long-term Ethereum bull. He says he expects ETH to produce the highest ROI in the next bull run.

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‘Largest $ETH holders accumulating recently’

The CEO of Three Arrows Capital, Su Zhu, has taken to Twitter to share some important data from the Santiment agency.

The latter reports that the biggest 100 Ethereum whales have again begun accumulating large amounts of ETH. They have been doing so for about the past two weeks, despite the ETH consolidation.

The report says that these holders believe ETH to be undervalued.

“The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it's a signal that those who have the most stake in $ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it's a great mid to long-term hold play. Sometimes these price rises take a bit of time after this accumulation.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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