Ethereum Price Forecast: ETH breaks out from Bitcoin, goes ballistic to $1,700 new record highs
- Ethereum upsurge remains unique and has the potential to continue beyond $2,000 in the short-term.
- Ether whales are still on a buying spree, suggesting that investor sentiment is still positive.
Ethereum is at the helm of cryptocurrency price action for rising to a new all-time high. The largest altcoin’s least resistance path has been upward since it broke above $1,400. Our analysis on Wednesday predicted that Ether is heading to $1,800, however, the smart contract token is exchanging hands at $1,666 after retreating from $1,700 (new all-time).
The 4-hour chart suggests that the price discovery is far from over and that Ethereum is just getting started with its unique rally. For instance, the Moving Average Convergence seems to have reinforced the bulls’ dominating influence over the price. The MACD line (blue) large divergence above the signal line is a clear indication of ETH.s ability to continue with the uptrend.
Simultaneously, Ethereum has been able to sustain the uptrend every time it has traded above moving averages such as the 200 Simple Moving Average, the 100 SMA, and 50 SMA on the 4-hour chart. The 50 SMA seems to be extending the gap above the other two moving averages, adding credence to the bullish outlook.
ETH/USD 4-hour chart
Ethereum whales are on a buying spree according to Santiment’s holder distribution. The need to hold came after Ethereum displayed signs of growth and perhaps breaking away from Bitcoin. Intriguingly, Peter Brandt said that he was ready to convert half of his BTC holding to Ethereum.
Addresses holding between 10,000 and 100,000 ETH have risen from 1,015 recorded 30 days ago to 1,515 at the time of writing. This is a significant increase that can be extrapolated to explain the growth in the price of Ethereum.
It is probable that Ethereum’s rally will; continue in the near term and perhaps hit new record highs above $2,000.
Ethereum intraday levels
Spot rate: $1,638
Relative change: -30
Percentage change: -2%
Trend: Bullish
Volatility: High
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