Ethereum Makes New All-Time High Targeting $2,500April 2, 2021
- Ethereum recently made a new all-time high of $2,088.
- The upswing appears to have been forecasted by the breakout of a symmetrical triangle.
- The rising interest among market participants around the current price levels suggests that Ether has plenty of room to go up.
Ethereum made a new all-time high following a month-long consolidation period. Now, the technicals point to massive gains on the horizon.
Ethereum Primed for Higher Highs
The second-largest cryptocurrency by market capitalization has been on a roll lately. After its fourth consecutive day in the green, Ethereum made a new all-time high of $2,088.
The sudden uptick came after Ether broke out of a symmetrical triangle on Mar. 31. Although some investors could take advantage of the recent price action to book profits, this technical pattern suggests a new uptrend has only begun.
By measuring the height of the triangle’s y-axis and adding it to the breakout point at $1,860, it anticipates that ETH is primed to rise another 24%. Such a bullish projection puts Ethereum at a new all-time high of $2,560.
Ethereum’s network growth further validates the optimistic thesis now that Ether has entered price discovery mode.
IntoTheBlock’s Daily Active Addresses model shows that the number of new ETH addresses being created is rising steadily since Mar. 30. Over 194,000 new addresses are being created per day at press time, representing a nearly 22% increase within the examined period.
Network growth is often regarded as one of the most accurate price forecasters. Therefore, Ether’s price would likely advance further to meet the symmetrical triangle’s target as long as this on-chain metric continues trending upward.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article