Daily Price Action

ETHUSD: Next Stop for Ethereum Is $800


The last time I wrote about Ethereum (ETHUSD) was on June 4th.

That also happened to be the first time I posted about it on this blog.

At the time, ETHUSD was breaking out of a multi-year consolidation pattern near $230.

Here’s how the chart looked back then:

ETHUSD chart from June 4th 2020
ETHUSD weekly time frame (June 4, 2020)

Fast forward to today, and those who bought ETHUSD at $230 are up nearly 70% in two months.

Most of those gains materialized in just 13 days.

If you saw that June 4th post, you know that the first significant hurdle for Ethereum bulls was the $350/60 area.

It served as resistance in 2017, flipped to support in 2018, and has acted as resistance ever since.

However, ETH bulls blew right through $350 recently.

Last week closed above it, which means it should start to serve as support going forward.

What’s most appealing, though, is that the next key resistance area is more than $400 away at $800.

There will be other minor resistance levels along the way, but that’s the next “true” test for buyers, in my opinion.

In the long run, I think Ethereum is going much higher than that.

As I mentioned in my Bitcoin post in May and especially the crypto market as a whole, we’ve entered a new bull market that could last until 2022.

Anyone who thinks Ethereum will only reach $800 or its all-time high near $1,400 over the next two years is misjudging the potential.

Of course, that’s just my opinion.

Disclaimer: I hold a position in Ethereum as part of a multi-year investment portfolio.

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ETHUSD weekly chart showing support and resistance
ETHUSD weekly time frame

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Justin Bennett says

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Ronald says

Cardano is going to eat Ethereums lunch 😉

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