The Ethereum price has reached the $ 500 mark for the first time since June 2018 and is currently exceeding the annual return of Bitcoin (BTC) .
Ethereum (ETH) price returned to $ 500 for the first time in more than two years today, November 20. This marks an important psychological price level for ETH. The Ethereum course takes advantage of the current momentum on the altcoin market, which is increasingly recovering from recent weeks.
But where is the price development of the world’s second largest cryptocurrency going? Many believe that the scenario from 2017 will repeat itself in a similar way and that we could see an Ethereum price near the all-time high of $ 1,400 this year.
Ethereum course even outperforms Bitcoin
The Ethereum course has overcome the psychologically significant barrier of $ 500 in Friday trading. At the time of writing, the price per ETH has increased 7.2% in the last 24 hours. This means that the leading altcoin not only outperforms Bitcoin today but throughout 2020. The returns since the beginning of the year have been 284% for ETH and 155% for BTC.
The sharp increase in the Ethereum price is not entirely surprising, however. For example, we already indicated in a chart analysis for ETH on November 10th that number 2 in the crypto market could be on the way to $ 500. The reason for this assumption was a pennant formation that had formed on the 4H chart.
As we can see on the chart from the Telegram channel from Bitcoin-Bude , the Ethereum price has reached the minimum price target of $ 500 derived from it today. It will be interesting to see whether the ETH cops will succeed in establishing this important psychological hurdle as a new support. For this it would be important that today’s daily rate closes above $ 500.
Is this the start of the price rally to $ 1,400?
The Ethereum course currently shows many parallels to its course in 2017. Not only in terms of price history, but also in terms of some important on-chain metrics. Many investors are aware of this and therefore believe that ETH could experience a similar price trend as it did back then.
Just like today, the Ethereum price was trading around the $ 450 mark for a while almost exactly 2 years ago. It only took 34 days for ETH to hit its all-time high of around $ 1,400 thereafter. Said on-chain metrics and historical data suggested that this could happen again now.
The current daily active addresses, the transaction and transfer as well as the trading volume for the Ethereum course show a strong similarity to the on-chain developments at ETH in December 2017. The parallels are too pronounced to be assumed by many here by chance. You can find more information about this in this article .