- ETH Price reaches a fresh all-time high as it trades above $1600.
- Market analysts predict a bullish move for ETH.
- ETH may experience a short pullback before it continues its upswing.
Since the year started, ETH has been experiencing a steady rise in the long-term. This recent surge is generally due to increased interest in cryptocurrency, and also Grayscale opening up its Ethereum trust to investors some days back, by acquiring more than $70 million worth of ETH.
ETH Price Pushes Beyond $1,600
Following the prediction by crypto analysts some days back that the ETH is aiming for more bullish moves; it has finally happened. ETH broke out of the consolidation it has been in for some while now, to reach an all-time high above $1680.
Just about two weeks ago, ETH made a similar upsurge when it soared very high to retest its all-time high in almost three years. To this effect, ETH gained momentum therefore driving price past the $1,400 price level. Crypto enthusiasts were then anticipating the next move from ETH while predicting that its next swing could take it to a new all-time high.
However, minutes ago, ETH has swung past $1,600, setting an all-time high. As at the time this article was written, ETH was sitting around $1,639. Crypto investors are generally predicting a bullish trend for Ethereum. Just this year alone the digital asset has experienced a 1,700% growth, even as the crypto market prepares to push further.
Michael van de Poppe, a crypto analyst, warned that traders should wait for the price of ETH to retrace to a support level to make a higher high before going bullish on the cryptocurrency. He further predicted that with the rally, ETH price could reach $1,700. Later, he later tweeted that “Ethereum to $10,000 this market cycle.”
A tweet from another crypto trader with the handle @CryptoKaleo revealed a similar sentiment, as he predicted that price could eventually rise to $4,000 in the coming month.
Another crypto market analyst @SmartContractor also made a similar tweet some days back, predicting that ETH could increase to $2,000 with the next swing. He made this prediction based on the breakout on the triangle pattern he made on his chart on Feb 2.
ETH Price Rally: What Next?
Right now ETH is approaching the first resistance level at $1,724. However, for ETH to rise above the $1,700 level it needs a lot of support from the market. Due to the volatility of ETH, the price could pull back to a major support level as investors may start to take profits.
As it is now, apart from this current correction that is expected from the ETH, Investors should be ready to ride on the trend as the digital asset could set a new all-time high with the next push.
It is important to note that investing in cryptocurrency is considered risky, especially for newbies who might not be well acquainted with the crypto world. Generally, investors should be cautious as to how they will invest in the coin as the crypto market is highly unregulated.