Ethereum Has Reached $4.2K. What’s next?

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Earlier today, the cryptocurrency reached five-month highs of nearly $4,200, extending Wednesday’s 7.3% rise – the largest since October 1. The price chart indicates that the path of the lowest resistance is upward, and that new highs may be reached shortly. I

In this report, we’ll discuss more about Ethereum reaching $4.2K. What’s next? 

We continue to observe strong interest in a wide variety of digital currencies from both retail & institutional clients, with Ethereum maintaining its position as the world’s second largest cryptocurrency by market cap. The trading volume of Ethereum has also increased by 53%.

Ethereum Analysis

Source: DonAlt @RoundupCrypto

After weeks of stabilization in a narrow range, Ether’s price has finally broken out, and it may be poised for further gains before the week’s daily candle ends this Sunday, 12:00 UTC.

Ether has broken off its descending funnel to the upside, with main objectives of $4,218 & $4,278 until it can challenge its all-time peak of $4,352.11.

Ether’s price range is $3,833-$4,154 over the next 24 hours and $3,605-$4,154 for the next 7 days. The price of ETH has a 52-week range of $368.56 to $4,352.11.

Last year, the value of Ether was $413.20 on this day. For the past 30 days, the regular ETH price has been $3,385.39. On Wednesday, Ether [+7.31 percent] ended its daily candle valued at $4,160, putting it in the green for the second day in a row.

What’s Next For Ethereum?

A well-known cryptocurrency trader has predicted what has to happen in order for Ethereum’s (ETH) price to rise even higher.

The pseudonymous researcher DonAlt writes in the TechnicalRoundup email that ETH is expected to lag throughout a Bitcoin (BTC) breakout, but would outperform afterward if the market rides “a multi-month rally.”

Risk spreads to smaller market cap assets, such as Ethereum, as Bitcoin is adequately pushed (a highly technical phrase).

A well-known cryptocurrency trader has predicted what has to happen in order for Ethereum’s (ETH) price to rise even higher.

The pseudonymous researcher DonAlt writes within the TechnicalRoundup newsletter that ETH is expected to lag throughout a Bitcoin (BTC) breakout, but would outperform afterward if the market rides “a multi-month rally.”

The market is now trading in a range around support (low-mid $3000s) & resistance ($4000).

A level breakout is more probable than a range breakdown, given the market’s relative strength and closeness to fresh all-time highs.

Triple tops, especially ones that develop near previous all-time highs, aren’t very powerful resistance structures.”

According to CoinGecko, Ethereum is now trading at $4,189, up more than 16%in the last week. In mid-May, the second-largest crypto asset by capitalization reached an all-time high of $4,356.

According to DonAlt, Bitcoin now has more upsides than negatives for traders.

“If you’re correct and you’re long Ethereum, you’ll probably earn less money than if you’re long Bitcoin. If you’re incorrect about Ethereum, you’ll probably lose money than if you’re wrong about Bitcoin.Although our confidence in this isn’t great, the possibility of the Bitcoin-dominant breakout is just one interesting consideration.

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