I first wrote about Ethereum (ETH) on June 4th, 2020.
At the time, the cryptocurrency was trading at $243.
I also told Daily Price Action members that I was buying ETH in May of last year when it was just above $200.
Fast forward to today, and those initial buys are up 500%.
But the real story here is that ETH is testing its all-time highs today, somewhere just above $1,400.
The exact high is ambiguous as it depends on the exchange and whether you’re viewing a USD or USDT chart.
That said, I can safely say Ethereum tested its previous all-time high today.
And that’s a big deal!
Apart from the obvious, today’s $1,400 price is significant because of what Bitcoin did when it broke above its previous all-time high near $20,000.
Here’s what happened:
Following a daily close above $20,000 on December 1st, Bitcoin gained 112% in just 24 days.
And I expect ETH to do something similar following its first daily close above the $1,440 area.
In fact, I expect Ethereum to outperform Bitcoin over the next three to six months.
So, if Ethereum pulls a Bitcoin-style move, we could see ETH trading at or above $3,000 sometime in the next few weeks.
And even that would only be the start, in my opinion.
As I’ve stated several times on Twitter, if ETH mimics the 2017 BTC run, it puts it at $25,000 this year.
If it’s more similar to Bitcoin in 2013, ETH will trade closer to $50,000 in 2021.