Is the price of Ethereum ready to exceed the historical maximum of $ 1,400?
With Bitcoin rising to $ 40,000, Ethereum also rose significantly in value, breaking past the previous $ 600 resistance levels and surpassing $1,000
ETH’s Irrepressible Growth Momentum
Over the past week, Ethereum (ETH) has grown by at least 45%, exceeding all expectations. Currently, industry experts are waiting for the moment when ETH will break the last record high of about $ 1,400, which was reached in January 2018. The second-largest cryptocurrency by market capitalization certainly seems close to reaching that milestone, completely surpassing the $ 1,000 mark — a psychological level.
As in the case of Bitcoin, many ETH pioneers made their price forecasts. While they may seem far-fetched at the moment, it seems that ETH is slowly but surely moving towards higher levels of value. Crypto enthusiast Lark Davis said:
“The bearish forecast for the value of Ethereum for this bullish run is $ 5,000, on bullish terms it could easily be $ 10,000.”
The reason for Ethereum’s bullish performance may be partly due to the sharp rise in Bitcoin, which has generated increased interest in the cryptocurrency industry as a whole. In addition, Ethereum saw significant growth last year, which will clearly continue in 2021, as ETH 2.0, their new main network, is still being developed, and will be transitioning from a Proof-of-Work algorithm to a Proof-of-Stake algorithm.
Ether is currently trading at around $ 1,210. 19 on CoinMarketCap, and trading volume is rising, with a 20% increase over the past 24 hours.
ETH Cost Analysis
The price of ETH has broken through the upward channel downwards, as shown in the chart, and in the coming days it is expected to consolidate around $ 1,100 — $ 1,250. In the worst-case scenario, which is unlikely, it may start to fall along with the value of Bitcoin, however, the blue line will provide sufficient support for the price, and is unlikely to break the level below $ 900.
On the 30-minute chart, it is trading in a descending channel. Traders can look for buying opportunities if the channel breaks up. The main resistance level is currently at $ 1,200, after which the Ether will break down if it fails to maintain support above this level.
Analysis of the ETH / BTC trading pair
If we look at ETH / BTC, they still have room to grow. At the moment, it can be located between the blue lines. But if it exceeds 0.039, it can easily reach 0.051 or 0.059, and this will certainly lead to ETH reaching a new historical high.
Market bulls say that Ethereum could overtake Bitcoin in value in the long run. Raul Pal, CEO of Real Vision and a well-known investor, said that Ethereum’s active role in global blockchain ecosystems can contribute to its price growth.