Ethereum’s Ascending Triangle Could Send it to $800. In terms of short-term price action, the digital asset of Ethereum (ETH) has slowly but surely captured the $700 price area as a strong level of support.
According to a recent market analysis from the team at Crypterium analytics, Ethereum could very well push towards the $800 price level if it succeeds in breaking the $750 resistance at the top of an ascending triangle.
The team at Crypterium shared their analysis via the following statement and accompanying chart.
Ethereum also has excellent prerequisites for further growth. An ascending triangle has formed on the chart and the asset has all the prerequisites for an upward breakout. When Ethereum dropped below $700, buyers started activating and pushed back the price.
All this indicates a possible rise in the asset in the coming days. If the $750 level is broken, the price may rise to the $800 — $810 range.
- Ethereum has more potential for growth and could provide substantial gains in 2021
- Ethereum is already up 469% in 2020 compared to Bitcoin’s 281%
- ETH is still discounted if it is to retest its all-time high next year
- Ethereum has formed an ascending triangle that could push it to $800 in the short term
The team at Weiss ratings is of the opinion that Ethereum will continue on its bullish climb well into next year. Furthermore, Ethereum has the potential to outdo Bitcoin in terms of gains during the same time period.
Weiss explained that Ethereum has already had greater gains than Bitcoin this year and 2021 provides an opportunity for ETH to thrive some more as it attempts to retest its $1,400 all-time high.
They also pointed out that Ethereum is discounted if it retests its all-time high next year.
Ethereum…actually made a lot more money for investors this year than Bitcoin. Both before and after pandemic panic hit.
Year to date, Ethereum is up a blistering 469% — compared to Bitcoin’s 281%. Moreover, there are solid reasons to expect ETH will continue making more money for investors in 2021.
…And yet, at $700 and change, Ethereum (unlike Bitcoin) is still trading 40% under its 2017 peak price.
Surely, it’s a safe bet that ETH will at reclaim its prior all-time-high (near $1,200) in 2021. And then go even higher from there.