Breaking: Ethereum price breaks $1,600 in unstoppable rally targeting $2,000


  • Ethereum price has just broken $1,600 across all exchanges.
  • The smart-contracts giant aims for a price target of $2,000 in the long-term as most on-chain metrics are in his favor.
  • The digital asset has been underperforming in comparison to Bitcoin which doubled its previous all-time high of December 2017.

Ethereum has just reached a market capitalization of $183 billion for the first time ever after surpassing $1,600 across all major exchanges. ETH bulls aim for at least $2,000 in the short-term and up to $3,123 which is the 261.8% Fibonacci Level that Bitcoin touched after its last rally.

Ethereum price breaks $1,600 but could see a pullback 

Ethereum price was trading inside an ascending wedge pattern formed on the 1-hour chart. The digital asset broke out of the pattern and is seeking continuation towards $1,700 which is the initial price target determined by substracting the top of the pattern with the bottom and adding it to the breakout price. 

eth price

 

In our last article, we have discussed how difficult it will be for Ethereum to hit $2,000 as the digital asset is facing some short-term resistance. Several on-chain metrics suggest ETH is poised for a pullback first before another leg up. 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price eyes deeper losses, as 200-DMA looks at risk

XRP price is licking its wounds so far this Saturday, having reached the lowest in three months at $0.7691 on Friday. XRP bears are set to breach the 200-DMA, with a test of May lows likely. Ripple confirmed a symmetrical triangle breakdown on the daily chart. The path of least resistance appears to down despite the tepid bounce.

More Ripple news

SafeMoon Price sees a dead cat bounce before the next downswing kicks in

SAFEMOON price is fading the recovery momentum this Saturday after falling for four days in a row earlier this week. Technical up on the 4H chart paints a bearish picture. RSI remains bearish, as more weakness likely in the near term.

More SafeMoon News

DOGE price eyes $0.1950 if key 100-DMA support caves in

Dogecoin sellers refuse to give up, as the bearish momentum extends into the fifth consecutive day on Saturday. Dogecoin price eyes a break below key 100-DMA support on the daily chart. The May 19 flash crash lows at $0.1950 remain on the sellers’ radars. 

More Dogecoin news

Cardano price stalls four-day losing streak, but not out of the woods yet

Cardano (ADA/USD) is snapping its four-day losing streak, attempting a minor recovery on Saturday amid a sluggish tone seen across the crypto market. ADA price is down about 3% over the week, having risen 750% from the start of the year. 

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP