Ethereum (ETH) has been one of the most trusted names in the world of cryptocurrencies. Many believe it to be the currency which is likely to overthrow Bitcoin from the #1 position. The fact that the Ethereum blockchain can be used for many diverse purposes and can run programs makes it better than the Bitcoin blockchain on paper. However, when it comes to the price, ETH still has miles to go.
Ethereum was on a stable run and was about to hit the $1500 mark when the market entered a phase of bloodbath and the currency fell from $1400 to $812. The fall was drastic but it has since recovered some ground as ETH now stands at the $1100 mark. The currency is expected to face a minor resistance at the $1200 mark.
However, as per a tradingview analyst, this is a good opportunity for growth and Ethereum is projected to hit a new all-time high in the days to follow. Take a look at the graph below, where the prediction points at the fact that ETH is all set to break-out over the next couple of days.
Ethereum is expected to follow a pattern of growth similar to what it did the last time it hit the all-time high mark. While the growth might be stalled at the $1430 mark – it is expected that it will face a minor correction and rebound harder. The markets are bullish and the recovery of Ethereum backs that up.
The bulls have entered the game and are likely to continue investing in Ethereum, helping drive the prices further. The negative growth has now been reversed and ETH is expected to fly. Realistically speaking, targets of $1200, $1300 and $1400 should be safe bets for now, while a stop-loss can currently be overlooked as Ethereum just bounced back from $800 to $1100. However, for those who want to play with caution, $900 seems like a safe bet.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.