Ethereum is experiencing a period of bullish continuation to the upside after forming a new all-time high of $1,567 yesterday evening.

The industry’s second largest asset by market cap is currently consolidating in the $1,535 region as it take aim at the psychological level of resistance at $2,000 over the coming week.

When comparing Ethereum’s chart to Bitcoin, the potential upside targets become amplified if Ethereum is to follow Bitcoin’s trajectory.

When Bitcoin broke it’s all-time high of $20,000 in December, it went on to rally by 123% as it touched $42,000.

BTCUSD chart compared with ETHUSD chart on TradingView

Ethereum, meanwhile, has only just broken its all-time high. If it rallies by more than 100% from here it can expect a $3,000 valuation before the end of March.

Asset manager Grayscale also added 24,796 Ether to its holdings on Tuesday, marking its first purchase since early December as investors speculate over continued investment in the near future.

However, it’s worth noting that Ethereum futures will be listed on the CME on February 8. While many consider this to be a bullish event, it gives institutional traders the chance to short a relatively illiquid asset that has just made a parabolic advance to the upside.

In December, 2017, Bitcoin secured a futures listing on the CME but price sensationally fell by more than 50%, marking the top of the 2017 bull market.

If this is the case for Ethereum, we can expect downside price targets of $1,430 and $1,350 to be hit before deciding whether a reversal is in play.

For more news, guides and cryptocurrency analysis, click here.

About Ethereum

Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.

Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.

More Ethereum news and information

If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.

Disclaimer: This is not financial advice.

Source link

empty message

empty message

empty message

empty message

empty message