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Ethereum price finally updated its all-time high

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ETH (ETHEREUM) PRICE PREDICTION [February 2021] | All Time Highs Incoming?

Ethereum price finally updated its all-time high

Ethereum price finally updated its all-time high
CONTENT

  • Ethereum updated its all-time high on January 19

  • Ethereum is likely in the 5th wave of a bullish impulse structure

  • ETH / BTC rate is approaching the resistance area ₿0.04

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Ethereum (ETH) moved its all-time high by $ 1439 on January 19, absorbing the previous all-time high of $ 1424 in January 2018.

Pricing and technical indicators look bullish, however, it looks like ETH will form a high in the $ 1,500- $ 1,660 region and thus complete the bullish impulse structure started in March 2020.

New historical maximum

The ETH rate marked at least $ 86 in March 2020, after which it began to grow. At the end of December, the pace of this growth accelerated, bringing the cryptocurrency rate to the $ 600 region. After that, in less than a month, ETH managed to double its value and form a new all-time high of $ 1,439 on January 19, 2021, as representatives of the crypto community were quick to report..

Ethereum price finally updated its all-time high

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Despite the almost parabolic nature of the growth, technical indicators are not showing signs of obvious weakening yet. This indicates a likely continuation of the bullish trend..

Read also: There is an explosive surge in interest in Ethereum on the Internet

ETH chart. Source: TradingView

Wave analysis

According to the results of the wave analysis, ETH is likely to be within the fifth wave (white on the chart) of a bullish impulse structure that began in March 2020. The third wave of this structure is expanded. Underwave analysis is shown in black on the chart.

The most likely top of this structure is the $ 1500- $ 1650 area.

We have identified this goal with the help of such analysis tools as extension, projection and external Fibonacci retracement levels. Specifically, we used:

  1. 1.61 wavelength 1 projected to the base of wave 4 (red)
  2. 1.61 external correction of wave 4 (black)
  3. 0.618 projections of waves 1-3 to the bottom of wave 4 (white on the right)
  4. 4.27 wave 1 expansion (white on the left)

After that, the ETH rate should begin to correct its bullish move from the March lows.

Ethereum price finally updated its all-time high

ETH chart. Source: TradingView

ETH / BTC

ETH / BTC made a bullish breakout of the downtrend resistance line on January 2 and has strengthened since then.

At the time of writing, the price was approaching the resistance area of ​​₿0.04, which it hasn’t tested in over four months.

Current price action and bullish technical indicators suggest that ETH may well make this bullish breakout. In this case, the next nearest area of ​​resistance will be ₿0.057 (Fibo 0.382 correction of the entire bearish move from the historical high of ₿0.123).

As we can see, in contrast to ETH / USD, the ETH / BTC rate is far from updating its historical maximum, since the market has not yet reached even the Fibo level of 0.382 correction.

ETH chart. Source: TradingView

Conclusion

As such, ETH is likely nearing the top of the bullish move that started in March. ETH is expected to form a high between $ 1,500 and $ 1,660 and then begin a correction.

You can read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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