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The Bitcoin price has risen by 4% over the past day and briefly broke through the $40,000 level. Volatility and trading volumes remain high. But the dominance of Bitcoin at the market has been steadily declining since January, 3rd. This may indicate the beginning of the flow of capital from the first cryptocurrency to altcoins.
First of all, this concerns Ethereum, the price of which increased by 85% in 2021st, and its capitalization increased from $84 billion to $135 billion in 2 weeks. Let’s take a look at what to expect from the ETH chart soon.
On January 10, 2021, the chart set a new top at $1,348. This is the highest level since January 2018th. In order to set a new ATH, the price must rise $100 above the current high.
On January 11, we saw a strong collapse in value, which was primarily associated with Bitcoin, which fell 25% that day. This was reflected in Ethereum, the price of which briefly dropped below $1,000 and even reached $900.
However, the chart shows that at this moment the buyers became more active and returned the price above $1,000. This is a good moment for Ethereum and suggests that a large number of market participants continue to believe in this coin.
Earlier this week, we said we expected a rise to $1,200 and our forecast came true. Now the nearest target is the $1,300 – $1,350 range. In the next 2-3 days, we will be able to see growth to these levels.
In the event that the chart breaks through $1,350, then the price will go up to $1,440 and will storm ATH. If it fails to break through this range, the chart may retrace to the range of $1,150 – $1,200.
We believe Ethereum will be able to establish a new ATH in the coming weeks. Growth could continue until early February, when CME promised to add Ethereum futures. In this case, the price can go up for quite a long time and even reach the range of $1,800 – $2,000.