Crypto

Cryptocurrency »Ethereum hits a new high and targets $ 7000 USD

Ethereum in price discovery mode may not stop until ETH hits $ 7,000 USD

Ethereum’s price gained an impressive 6% in yesterday’s trading session, overshadowing Bitcoin’s advance. Positive momentum persists and ETH could be on the verge of one of the biggest and fastest rallies in the last three years.

  • Ethereum price hits a new all-time high, breaking above the $ 4600 USD level.
  • The upside potential remains strong as long as momentum continues to push Ethereum price higher.
  • $ 7,300 USD is expected to be the next significant high before sellers intervene.

Ethereum price action trumps Bitcoin in search of new highs

The price of Ethereum has a current projection of $ 7,300 USD. Previous articles and analysis have identified $ 6,400 USD as the next area of ​​value for the ETH cryptocurrency to reach before encountering a temporary high.

However, considering the recent price increase and the current construction of the Points and Figures table below, $ 6400 USD may be too conservative.

The vertical profit target method identifies $ 7,300 USD as the projected profit potential from column X above. $ 7300 USD is also the 200% Fibonacci expansion level.

This area of ​​confluence is likely the area where Ethereum will arrive before it encounters a lot of selling pressure.

Ethereum Dot and Figures Chart (ETH / USD)

There are some downside risks to the price of Ethereum. When the price of ETH cryptocurrency reaches $ 5000 USD, it will develop a pole pattern and may face selling pressure.

Bears can receive an entry below the 50% range of column X at $ 4,500 USD.

Movements below $ 4000 USD are possible, but unlikely to occur or sustain unless a triple bottom or triple split bottom develops and then breaks near the $ 3,900 level.

In this scenario, the $ 3,000 USD average range is likely to be retested.

By Jonathan Morgan, FXStreet

Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the technical analysis and trading categories.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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