With Bitcoin’s ascent to $40,000, Ethereum has also gained considerably in value, soaring past its previous resistance levels of $600 to top $1,000.00.
In the past week, Ethereum (ETH) has gained by at least 45%, surpassing all expectations. Currently, industry experts are anticipating the moment ETH breaks its past all-time high of approximately $1,400, which was achieved in January 2018. The second-largest cryptocurrency by market cap certainly seems close to hitting that milestone, having broken clean of the $1K psychological level.
Just like with Bitcoin, many Ethereum pioneers have called price predictions. Although they may seem far-fetched for the moment, it seems as though ETH may be slowly but surely heading towards higher price levels. Crypto enthusiast Lark Davis said:
“#ethereum bearish price prediction for this bull run is $5,000, bull case could easily see $10,000.”
The reasoning behind Ethereum’s bullish performance may be partially due to the surge in Bitcoin, which has served to drive more interest into the cryptocurrency industry overall. Additionally, Ethereum has seen considerable growth last year, and that is likely to continue in 2021 as ETH 2.0, their new mainnet, is still being developed and will see a transition from proof-of-work to proof-of-stake.
Currently, Ether is trading at around $1,210.19 on CoinMarketCap, and the trading volume has been on the rise, with a 20% increase in the last 24 hours.
ETH price analysis
ETH price broke downwards of the rising channel as indicated in the chart, and it is expected to have consolidations around $1,100 to $1,250 in the coming days. In the worst case scenario, which is less likely to happen, it could begin falling with Bitcoin price, however, the blue line will provide enough support for the price and is very unlikely to break below the $900 level.
In the 30-min chart, it is trading in the descending channel drawn in the chart. Traders can look for buying opportunities if the channel breaks upwards. The major resistance level is currently located at the $1,200 level, after which Ether will break downwards if it fails to maintain a support above that level.
ETH/BTC trading pair analysis
If we look at ETH/BTC, it still has a lot of room to grow. For now, it may range between the blue lines. But if it goes past 0.039 it may easily get to 0.051 or 0.059, and that will certainly make ETH price reach its new all-time high.
Market bulls have said that Ethereum may likely overtake Bitcoin in price in the long run. Raoul Pal, Real Vision’s CEO and a reputed investor, said that Ethereum’s active role in global blockchain ecosystems may serve to push its price higher.
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