Ethereum price has been rocketing higher throughout the past few days, sudden rally from the mid-$700 region to over $1,200
Ethereum price has risen higher in the past few days, with its latest bull run starting after a sudden spike from the mid $ 700 region to over $ 1,000. At press time, ETH is trading around $ 1,215, recording a 14% gain over the past 24 hours. ETH has now established a solid foothold in the zone above $ 1,000 and the bulls confirmed this level as support yesterday.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price appears to be targeting a move to new all-time highs
According to Glassnode, perhaps because of the price increase, the number of addresses containing more than 10,000 ETH has hit a 10-month high, at 1,088.
Previous 10-month high of 1,082 was observed on 10 March 2020
— glassnode alerts (@glassnodealerts) January 7, 2021
At the time of writing, the Ethereum price is just over 13% up at its current price of $ 1,215. This marks a noticeable rise from a daily low of just under $ 1,000 set around this time yesterday.
ETH appears to have pulled out well in the face of some resistance around $ 1,150, making a breakout above this level technically significant in the short term. Bitcoin’s current phase of consolidation is fueling altcoins and could give ETH continued strength in the short term.
According to professional trader Cactus, this latest rally has brought Ethereum to a key zone of resistance. He notes that this is almost the moment of truth for cryptocurrencies and may be ready to see even more significant gains in the short term.
$ETH / USD
This is it, moment of truth. Looking for an hoourly close above $1150 and then for PA to start attacking this last key resistance level at $1175 before we see new highs.
I think once america wakes up in a few hours we are going to be seeing new local highs, send it! pic.twitter.com/ygjp7nCzgI
— Cactus (@TheCryptoCactus) January 6, 2021
Meanwhile, according to founder Global Macro Investor and Real Vision Group, ETH is gaining momentum and price exactly like BTC in 2017. Both have the same price structure and if so, there’s a high chance that ETH will continue. Bitcoin’s bullish momentum?
Again, if you didn’t read the charts, ETH is the EXACT same price as BTC in 2017. TheY have/had EXACT same market cap too. They look EXACTLY the same in price structure… BTC from 2016 versus ETH from 2020. It’s bizarre and it’s all Metcalfe’s Law. https://t.co/cZ9Fu7Ea6u
— Raoul Pal (@RaoulGMI) January 7, 2021
The next few days will give investors some serious insight into Ethereum’s trend in the medium term, based on Bitcoin’s nascent consolidation model.
You can see the ETH price here.