Ethereum may trounce Bitcoin as ETH next all-time high at $8,000
|- Ethereum price shakes off multiple bearish divergence warnings.
- An incoming explosive move will likely rally the entirety of the altcoin market – even the laggards.
- Little resistance ahead to stop Ethereum price from breaking the current all-time high.
Ethereum price has finally displayed some clear and bullish strength. The past couple of weeks have been indecisive and almost warned of an impending bull trap – but sellers ultimately were unable or unwilling to do anything. So now the buy-side is in explicit control.
Ethereum price pushes on towards $4,000 and then to new all-time highs
Ethereum price on the $100/3-box reversal Point and Figure chart is very close to completing a double-top at the $3,900 value area. If that occurs, the entry on the Point and Figure chart is the next box above the double-top at $4,000. The market could see a massive rally higher towards the $8,100 value area from that entry point.
$8,100 is a price zone shard by the 161.8% Fibonacci expansion level, and the projected target zone utilizing the vertical profit-taking method in Point and Figure analysis. $4,200 is the 61.8% Fibonacci expansion and may act as a short profit-taking region, but not a solid resistance zone. The combinations of the Fibonacci expansion, vertical profit target, and psychological number provide a strong case for resistance and the new all-time high to occur at $8,000.
As Ethereum approaches the bullish entry level at $4,000, bulls will want to monitor any persistent selling pressure. If buyers cannot close Ethereum price at the $4,000 level, then a drop lower to create a double bottom at $2,800 is very probable. The bearish scenario would invalidate any upside trade ideas and likey confirm a strong bear market.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.