Ethereum, the world’s second largest cryptocurrency by market capitalization, hit a new record high on Thursday.
The ETH / USD exchange rate hit $ 1,927 before the London opening bell, after rising 4.12 percent. The couple later gave a small portion of their profits to profit employees. As of 1224 UTC, it was trading at $ 1,896, up 2.41 percent from the daily session.
Ethereum hits new highs in a Bitcoin rally. Source: ETHUSD on TradingView.comEthereum hits new highs in Bitcoin rally. Source: ETHUSD on TradingView.com
Ethereum is up nearly 157 percent this year and up to 2,047 percent since the global market trend last March. The cryptocurrency has significantly outperformed its top rival Bitcoin, whose gains have been nearly 1,262 percent over the past eleven months.
But it’s the benchmark cryptocurrency’s rally, which hit its record high above $ 52,000 on Wednesday, that has brought Ethereum to its own all-time high. A brief downward correction in the Bitcoin market after reaching this milestone resulted in an excess of capital in the Altcoin market, which Ethereum benefited from.
And now some analysts agree that the ETH / USD exchange rate could extend its uptrend even further, with one chart showing this to …
… A valuation of $ 5,000
The pseudonymous analyst was optimistic about the continued growth of Ethereum versus Bitcoin.
Looking back, the ETH / BTC exchange rate fell as much as 87 percent after hitting a record high of 0.123 BTC in January 2018. The pair hit a low of 0.016 BTC in the week ending September 9, 2019 and has since corrected upward.
The Ethereum is showing signs of a classic bear trap breakout, as highlighted by GalaxyBTC. Source: ETHBTC on TradingView.comEthereum is showing signs of a classic bear trap breakout, as highlighted by GalaxyBTC. Source: ETHBTC on TradingView.com
However, an attempt to turn its recovery into a full-fledged bull run encountered resistance from a falling trendline pattern, as shown in the chart below. It was not until the third week of January 2020 that ETH / BTC exceeded the upper price limit mentioned. As of now, the pair tested the same trendline as the support, which led the analyst to see a bull ahead.
“Ethereum is again testing the breakout of a downtrend of +1300 days,” he noted. “Many still do not understand how big it is. It could easily be $ 5,000 in the next few months. “
Even more bullish tailwind for Ethereum …
… Comes from a series of on-chain indicators published by CryptoQuant, a South Korea-based blockchain analytics platform. Compared to its boom-and-bust price rally from December 2018, Ethereum’s current bull run appears to be more focused on long-term investment sentiment, the portal said.
On-chain data from Ethereum. Source: On-chain data from CryptoQuantEthereum. Source: CryptoQuant
“[The cryptocurrency showed] fewer deposits, more withdrawals on all exchanges, ”explained Ki-Young Ju, CEO of CryptoQuant. “[Meanwhile, its] The pressure to sell is significantly weaker than in 2018. “
The near-term goal for Ethereum is $ 2,000.
