ETHUSD: Next Stop for Ethereum Is $800

·    November 11, 2020

·      November 11, 2020

·    November 11, 2020

On June 4th, I wrote about the massive upside potential that Ethereum (ETH) possesses.

At the time, the cryptocurrency was trading at $240.

Given today’s price of $462, those who invested then are enjoying a 92% gain.

I should note that I was buying ETHUSD between May and July when it was just over $200, as I announced in the DPA member’s area.

I haven’t liquidated any of my position and won’t for some time.

As for the price action, ETHUSD recently broke out from a symmetrical triangle on the intraday charts.

ETHUSDT 4-hour symmetrical triangle
ETHUSDT 4-hour time frame

I mentioned this structure yesterday on Twitter.

However, the significance of a break above the $450 area extends well beyond the intraday charts.

Notice the trend line in the chart below that extends from Ether’s all-time high.

Also note how this trend line is similar to the one that broke in late May.

That May breakout is the one that I mentioned several times on this website.

If ETHUSD can close the week above $450, it could send the cryptocurrency on another massive rally, this time to $800.

Just keep in mind that cryptos have entered a new cyclical bull market, as I mentioned on June 22nd.

With that in mind, ETHUSD is likely going well above even $800 over the next 16 months.

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ETHUSDT weekly chart showing key trend lines
ETHUSDT weekly time frame

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