Ethereum reaches 2018 levels as a new yearly high while Bitcoin’s volatility drops and creates many upside opportunities in the $105 billion altcoin market so let’s read more in today’s Ethereum price news.
The second-biggest crypto by market cap surged by about 10% on Monday and reached an intraday peak level of $1,391 while the rally appeared in absence of a strong catalyst, observers called the move extremely speculative. In the meantime, some also noted that the coin could benefit briefly from the lack of wild fluctuations in the BTC market that opened the attractive opportunity for the long traders.
The real party starts after the ATH break
— Squeeze (@cryptoSqueeze) January 19, 2021
The top cryptocurrency went on a corrective course after setting a record high level of $41,985 at the beginning of January. It then received a 30 percent decline and started consolidating sideways with each extension leading to a declining volume and low volatility. The traders are using Bitcoin’s consolidation phase as a cue to long the altcoin market which leads to a start of the “altcoin season.” Analyst Nico said:
“ETH/BTC retesting highs of current movement and sitting over .033 sats level Current level acted a strong resistance over the last 4/5 months, so looking for a flip and straight continuation to the 2020 highs (~20%). Overall, looks good and altseason can’t happen without ETH.”
To a lot of traders, Ethereum’s upside move comes as an effort to reach the 2018 high of $1,419. Alex Kruger, the well-known economist envisioned the ETH/USD rates hitting $2000 in the next few sessions and tweeted:
“Ethereum will soon pass to the next level. These are the levels to watch beyond all time highs: $1,500, $1,600, $1,920, $2,000, $2,240, $2,500, and $2,750.”
The upside predictions could appear in the wake of Ethereum’s long-term bullish prospects thanks to the vast array of supportive fundamentals. They include the booming decentralized finance projects which operate on the ETH blockchain which will end up increasing ETH’s adoption and its switch from the proof-of-stake that will put a considerable supply of the coins out of circulation. Ethereum reaches 2018 levels and looks for another high to form.
Ethereum’s daily transaction volume is going parabolic and settles $12 billion in transactions per day which means about $3 billion more than BTC. Ryan Watkins the researcher from Messari noted:
“Imagine not being bullish.”
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