Ethereum has been one of the most highly talked about cryptocurrencies in 2020. Apart from being the 2nd largest cryptocurrency by market capitalization, its successful launch of Eth2.0 helped in pumping its price upwards. Although Ethereum is still USD 200 away from its previous all-time high price of USD 1,416, Ether managed to surpass its previous ATH market cap. In the past 24 hours, it has climbed more than 6%, while its peer Bitcoin did 0.25%. Will Ether manage to break past ATH prices or will it tumble back down like the previous events of 2017?
Ethereum Price showing STRONG Momentum
Ether’s price was going upwards on a steady uptrend ever since the Covid-19 crash back in March 2020. Prices kept showing strength and price barriers kept being broken upwards, all until January 3rd 2021, when the final price barrier of USD 780 was broken.
In a previous article, we stressed the importance of that specific price area, as a break around that price would send Ether’s price shooting all the way to USD 1,000 and that was EXACTLY what happened.
The price not only broke the USD 1,000 mark but went on to reach USD 1,350. At that point, it was obvious that the price would adjust and take a breather, following exactly the 78.6% level of the Fibonacci Retracement (fig.2). Once prices hit the retracement level, the momentum picked up, and current prices are moving upwards.
Ethereum Prices poised to CRASH?
If we look and compare the current trend that happened in the current and previous weeks to what happened back in 2017, we can see strange similarities (fig.3):
- Momentum starting around USD 100 prices
- A slope upwards with the same trend angles
- A similar high price area around USD 1,400
- Similar price resistances alongside the uptrend
- 4 consecutive months of price jumps
- Price jumps happened at the EXACT same months of the year
Are we bound to witness yet another price crash similar to 2017? Well, it gets a bit more complicated than a “yes or no” kind of answer:
Currently, there are whole new markets (like the DeFi market) that base on the Ethereum network, contrary to back in 2017 when it was just a concept boasting “smart contracts” with little to no ACTUAL projects. Also, there is a huge market acceptance of cryptocurrencies worldwide, especially from Big Tech and Big Fund Investors who are actively purchasing Ethereum along with other cryptocurrencies…Heck, even banks are projecting higher crypto prices and recommend owning them, in a bid to replace gold and other commodities.
It is safe to say that today’s crypto market is no 2017. Maturity can be seen everywhere, from running projects to high caliber investments…It’s all there to push the market to further highs, establishing the crypto market well along with traditional finance. With just a little more push of USD 200, Ether will reach again its previous all-time high. What’s more important though, is staying there and climbing higher.
Stay Ahead, Stay Updated
Ripple Price Prediction – How High will XRP reach in 2050?
Breaking News – Ethereum breaks USD 1,000…Jump on board?
This Technical Analysis signals a further heavy drop for Ethereum…Should you be concerned?
Ripple Price Prediction – How High will XRP Reach in 2025?
Ethereum Price Analysis – Adjustment in Prices as Predicted during the Weekend
Ethereum Price Analysis – Uptrend momentum still going strong
Ethereum Price – Two Potential Scenarios before 2021
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Ethereum Price Prediction – 3 Reasons Why ETHER is a Strong BUY
Ethereum Price Prediction – The Adjustment is finally HERE, will it extend throughout Christmas Holidays?
Big News: Ripple Price is about to TRIPLE? This News Confirms…
You can still buy Ethereum today – 3 Reasons why you should
Ether Price Analysis – Key Support Levels to Consider
Ethereum Price THROUGH THE ROOF! When will $ETH reach 3K again?
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Bitcoin Price Halts – Did the Adjustment KILL the Strong Momentum?
Ethereum Price Prediction – Ether nears 2K, Should you BUY?
XRP relisted, Ripple CEO optimistic about the Lawsuit…BUY XRP in 2023?
Ethereum Price EXPLODES after Reddit NFT Adoption! BUY $ETH NOW?
Ethereum price – a FINE LINE between BOOMING and SLACKING, here’s how to watch out
Bitcoin Price – Is This the END of the Uptrend?
You might also like
More from Ethereum
Top 5 Layer 2 Coins To Buy Now To 10x Your Portfolio
Layer 2 (L2) solutions enable blockchain networks to be scaled and costs reduced. This post will look at the top …
How to Bridge Assets from Ethereum mainnet to zkSync Era?
This article will go over how to bridge assets from the Ethereum mainnet to the zkSync Era network. Let's take …
Can Ethereum Price Reach $100,000 ever?
How high is the potential for the Ethereum price in the coming years and is the $100,000 mark ever possible?