ETH Not Even Close to Market Top? (2/14/21 Forecast)
Ethereum broke out last week, rallying to new highs as it finally and decisively crested the highly contentious $1,400 — $1,500 level, surging to upwards of $1,800 before finding a bit of resistance over the thinly-traded weekend markets, closing the weekly candle around $1,600. This is a tremendously bullish candle as ETH prints an historic and bullish candle, shining a light higher towards prices never seen before.
(February 7, 2020 7:30 PM EST)
Outlook: Ethereum broke out during the week ending 2/7, breaking above the $1,400 — $1,500 resistance region and reaching up to as high as ~$1,800 before pulling back a bit to around $1,600 on the weekly chart. We have been expecting this for a couple weeks as all indicators were pointing to higher ETH prices, and frankly, there was not much that could be done to meaningfully suppress this much bullishness surrounding ETH. Fundamentally and technically, the wheels are spinning for ETH: record demand/buying by institutions and retail alike, tangible progress towards the generational ETH 2.0 rollout, and of course, bullish charts.
As you can see in the chart above, my primary view is a minimum $2,000 price target that could extend up to $3,000 depending on the magnitude of this breakout; based on the heightened inflows into crypto before and now especially after the Gamestop v. Wall Street war, conservative projections can and likely will be exceeded. This price target can fluctuate, however, as we are in uncharted territory now with no historic resistance levels to rely upon. Accordingly, we will now be more heavily monitoring and relying on the ETH/BTC ratio, which measures Bitcoin market dominance vs crypto, or in this particular case, Ethereum. Historically, the ETH/BTC ratio trades between the 0.04 and 0.08 level, and typically peaks during bull markets north of 0.10 ETH/BTC, so as you can see based on this ratio, ETH is quite low historically in this respect; though rising. As far as price targets go, 0.05 and more importantly 0.06 are our immediate price targets, which at a roughly $38,000 BTC would equate to $1,900 and $2,280 respectively.
From my perspective, which is predicated heavily on fundamental and technical data as shared with all of you, all signs indicate it’s probably wise to buy ETH or earn ETH now before prices continue to ascend in dramatic throughout the rest of 2021 and further.
Support: Look for immediate support around $1,400 — $1,500 which was a previous resistance level.
Resistance: Our immediate-term price target and resistance level is $2,000 which is a round, psychological number and roughly 0.05–0.06 ETH/BTC depending on Bitcoin’s price. Above that, look for resistance around $2,500 and then $3,000.
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Originally published at https://www.publish0x.com.