As per my previous idea from several weeks ago (/x/PuGYWTgB/), Ethereum has broken out of a large base (purple box) against Bitcoin. The near-term target based on a measured move from that base (equal to the depth of the base) is around 0.069-0.07BTC.
But Ethereum has also broken out of a larger triangle on the monthly chart. And this often leads to testing the highs of the triangle (around 0.15 BTC)
To be conservative, some people take the depth of the triangle at the breakout point, and set that as the price target, which would be about 0.085 BTC.
So we have three major points to watch:
0.07 - which I expected to hit fairly quickly due to the length of the base, and it seems to be progressing as such.
0.085 - which may take a bit longer or we may see some consolidation around the 0.07-0.085 level before a push higher to
0.15 - the infamous level that Ethereum bulls have been waiting to return to for years.
Ethereum is literally leading the space right now, and all the hype of this bull run (DeFi and NFTs) is because of Ethereum. It is criminally undervalued even after this huge rise the past few months, sitting at ~$3300.
$10k and beyond is certainly possible, as price has been suppressed for a very long time, likely for bigger players to accumulate massive amounts while they spread FUD about gas fees and shill "alternatives" such as the centralised BSC.
But Ethereum has also broken out of a larger triangle on the monthly chart. And this often leads to testing the highs of the triangle (around 0.15 BTC)
To be conservative, some people take the depth of the triangle at the breakout point, and set that as the price target, which would be about 0.085 BTC.
So we have three major points to watch:
0.07 - which I expected to hit fairly quickly due to the length of the base, and it seems to be progressing as such.
0.085 - which may take a bit longer or we may see some consolidation around the 0.07-0.085 level before a push higher to
0.15 - the infamous level that Ethereum bulls have been waiting to return to for years.
Ethereum is literally leading the space right now, and all the hype of this bull run (DeFi and NFTs) is because of Ethereum. It is criminally undervalued even after this huge rise the past few months, sitting at ~$3300.
$10k and beyond is certainly possible, as price has been suppressed for a very long time, likely for bigger players to accumulate massive amounts while they spread FUD about gas fees and shill "alternatives" such as the centralised BSC.