Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500

• Ethereum has consolidated since hitting the $465 highs last week. It is neither up nor down in the past 24 hours.
• Still, analysts say that Ethereum is primed to move even higher in the weeks ahead.
• An analyst noted that the cryptocurrency is currently in the midst of a bullish pennant pattern, which could trigger a move above $500.

Ethereum Primed to See Strong Rally Higher

Ethereum has consolidated since hitting the $465 highs last week. The coin currently trades for $445 and is neither up nor down in the past 24 hours.

Still, Ethereum is primed to move even higher in the weeks ahead. One crypto-asset analyst recently shared the chart below, noting that ETH is likely trading in a bullish pennant.

This pennant suggests that once Ethereum breaks the upper range of the pennant, it will move to $500 and potentially beyond.

Chart of ETH's price action over the past few months with an analysis by crypto trader Crypto Rand (@Crypto_Rand on Twitter).
Source: ETHUSD from TradingView.com

Ethereum is also expected to move toward $800 as it turns the $400 region into support. A leading crypto-asset analyst recently shared the chart seen below, which shows that there is little macro resistance until $800-900: 

Chart of ETH's price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter).
Source; ETHUSD from TradingView.com

Fundamentals Also Bullish

Australia’s Reserve Bank recently announced it will be using Ethereum technology for its CBDC pilot test:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

The Reserve Bank will also be partnering with ConsenSys, the Ethereum-focused development studio, to work on this project. Of course, this is not a sign that they will actually be using the formal Ethereum blockchain but is a validation of the technology that underpins it.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500