Ethereum has enjoyed a spectacular start to the month of February. Climbing to a new high of $1,543 in the early trading hours Wednesday. Hours later, Ether smashed the $1,600 mark, touching another new all-time high ($1,651) and breaking a key resistance level.
Ethereum is up 1,700% in the past 12 months, trading for less than $100 in March 2020. The second-largest cryptocurrency by market cap is also up 26% over the past seven days.
Ether is said to be in a “price discovery mode” and could surge past the $2,000 mark in the coming weeks. As there is little to no resistance in sight. The formation of an ascending triangle pattern allowed the bulls to take control over the price, following a break past the x-axis.
The patterns stand out for giving traders exact price targets following a breakout. This target is measured from the highest to the lowest points of the triangle. In this case, ETH price has a long way before hitting the 22% upswing to $1,800.
Meanwhile, Ethereum’s price is teetering at $1,540 amid a building bullish momentum. The bullish narrative can be confirmed by the Moving Average Convergence Divergence (MACD).
The MACD line (blue) recently crossed above the signal line, encouraging traders to buy more of Ethereum. This could be a strategic trading strategy, but it is best to incorporate other indicators as well.
Ethereum May Fail To Rally to $1,800
If the uptrend fails to break above the near term key level of $1,600. The price of Ethereum may fail to rally to $1,800. On the other hand, support must be established above $1,500 to avoid a correction to $1,400 or $1,300.
Winklevoss is a longtime proponent of Ethereum. Back in December 2020 when ETH was trading at $735, he stated that the cryptocurrency was undervalued and that its price was a steal.
Winklevoss also stated that Ethereum’s performance helped its value surge more than Bitcoin percentage-wise despite being unable to mimic the leading cryptocurrency in registering a new all-time high.
Decentralized finance has been a major player in the growth of the Ethereum blockchain. Institutional interest in Ether is also on the rise as many institutional investors see the digital asset as a store of value thanks to its strong performance and returns.
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
3AC acquired Ethereum (ETH) when it was trading near $2800. ETH rallies by 16%, outperforms BTC. LAGOS (CoinChapter.com) —...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.