Crypto Currency News
Bitcoin
$68,258.30
+511.28
Ethereum
$2,447.04
+22.68
Litecoin
$66.59
+0.68
DigitalCash
$21.87
+0.38
Monero
$160.27
+3.23
Nxt
$0.00
0
Ethereum Classic
$17.74
+0.21
Dogecoin
$0.15
+0.01

This eerie Ethereum bear market fractal predicts a rally above $ 1,000

Ethereum has seen explosive price development in the past three weeks. In just about 20 days, the asset rose from $ 245 to a local high of $ 415. At the time of this writing, the leading cryptocurrency hands are trading for $ 394 – just below the critical resistance of $ 400.

Although ETH has already seen this steep rally, fractal analysis by a trader who predicted much of the recent rally suggests that there is still headroom.

In addition to the fractal, fund managers see several basic reasons in the room why Ethereum is poised to move higher.

Related Reading: Crypto Tidbits: Ethereum Up 20%, US Banks Can Hold BTC, ETH DeFi Room Is Still In Fashion

Ethereum could soon cross the $ 1,000 mark, Fractal predicts

Ethereum’s recent price action, which went from $ 245 to $ 415, is just the start of a bigger rally, an analyst suggested on Aug. 6.

In an analysis shared with Twitter, the trader posted this graph below. It shows that Ethereum’s macro price action from the highs of 2018 to now looks almost identical to BTC’s price action from the highs of 2014 to the start of the 2016-2017 bull run.

This so-called “fractal” analysis predicts that Ethereum is expected to rise above $ 1,000 in mid or late 2021.

The trader who made this analyst is one who predicted days after the March crash that Bitcoin would likely return to pre-crash levels. He also predicted the ongoing outbreak of ETH.

Fractal analysis of the macro price action of the ETH by the trader “The Crypto Wolf”, who named the most recent price action. Chart from TradingView.com

Related Reading: Coinbase Focuses On DeFi To List 19 New Crypto Assets

Fund managers agree

There are some fund managers in the space who are confident that Ethereum will hit new all-time highs of over $ 1,000 in this market cycle.

Placeholder Capital’s Chris Burniske addressed this in an extensive Twitter thread earlier this year. Regarding how ETH will benefit from the fact that Bitcoin is likely to soar to a price of $ 50,000 this cycle, the prominent investor wrote:

“If $ BTC rises above $ 50,000 in the next cycle and $ ETHBTC returns to its previous ATH, then expect $ ETH> $ 7,500. Why #bitcoin> $ 50,000? As discussed in May 2019, if BTC is half as volatile this cycle as it was last, we would still expect it to cross a network value of $ 50,000 and $ 1 trillion. $ 1 trillion has long been needed for this macro asset. Now mainstream ETH will be the new kid on the block – expect a frenzy that comes with that realization. “

If $ BTC rises above $ 50,000 in the next cycle and $ ETHBTC returns to its previous ATH, then expect $ ETH> $ 7,500. pic.twitter.com/5tetUJdbCS

– Chris Burniske (@cburniske) June 14, 2020

He stated in a separate thread that decentralized funding will boost record demand for ETH: “#DeFi will make Ethereum’s ability to provide * all * financial services more flexible.”

Higher demand, assuming constant or decreasing supply, increases the price of any asset.

Featured Image by Shutterstock Price Tags: ethusd, ethbtc charts from TradingView.com This eerie Ethereum bear market fractal is forecasting a rally above $ 1,000

Comments are closed.