Daily Price Action

ETHUSD: Ethereum Enters Price Discovery; Where to Next?


Ether (ETH), the native token to the Ethereum network, reached a critical milestone yesterday.

On Monday, the cryptocurrency broke through its previous all-time high set in the first few weeks of 2018.

ETHUSDT hit an all-time high of $1,547 on Monday and is reaching above $1,600 as I type this.

The pair also closed above that $1,440 all-time high on Monday, making it the highest daily close for ETH ever.

As many of you know, I first discussed Ethereum’s potential on June 4, 2020, when ETHUSD was trading at $243.

I was also buying the crypto at that time, as Daily Price Action members know.

What you may not know is that I haven’t sold a single ETH and I don’t plan to for quite some time.

So, what’s next for ETHUSD following Monday’s close above $1,440?

If you saw my January 19th article, you know that there’s an excellent chance we see ETHUSD run to $3,000 this month.

That isn’t a wild guess, but rather a prediction based on what Bitcoin did at its previous $20,000 high.

Bitcoin BTCUSD rally above all-time highs
BTCUSDT weekly time frame

If you follow me on Twitter, you probably saw my tweet from January 23rd, where I mentioned ETHUSD should break $1,440 by February 4th at the latest.

And if ETHUSD continues to mimic what BTCUSD did, it will put Ethereum at $3,000 by the end of February.

So far, Ethereum is right on track.

That could change, but if it doesn’t, we could very well see a $3,000 ETH within in the next few weeks.

Time will tell, but these are exciting times nonetheless.

Disclosure: The author of this article owns ETH.

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ETHUSDT Ethereum break above all-time highs
ETHUSDT daily time frame

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Justin Bennett says

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ali says

you are right sir justin and thanks for the update.

Colin de Ste Croix says

Im buying Eth also. Buying and holding!!

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