The price of Bitcoin has increased by 2% over the past 24 hours and continues to be fluctuated at about $55,000. At the same time, the trading volume continues to fall and has already dropped to $49 billion per day. Bitcoin’s dominance in the market also continues to fall and now stands at 49%.
However, yesterday was another significant event. Ethereum has set a new ATH at $2,714 and continues to rise. Let’s take a look at his chart to see how long the Ethereum price will continue to rise.
Since the beginning of 2021, the Ethereum chart is clearly moving in an upward channel and does not fall out of it. The chart was able to gain a foothold above the middle line of the channel and has already tested the upper border 3 times. Therefore, we can say with confidence that the trend remains upward and there are no prerequisites for breaking it.
In the last two weeks, a “double bottom” pattern has formed on the chart, which is a harbinger of further growth. The price was able to break through the important level of $ 2,500, fixed above it on the daily timeframe, and is already trying to break through the upper border of the channel.
On the indicators, everything looks optimistic. MACD was able to turn upward and, most likely, will continue to grow. Stochastic has broken through the upper line and is consolidating above it. As a rule, after that, the indicator is in the overbought zone for a long time.
RSI was unable to break through the upper border the first time and rolled back down. However, the overall trend for this oscillator remains uptrend, so we think that it will continue to rise.
It is also important to note that after the Berlin hardfork, miners increased the gas limit in the blocks of the Ethereum blockchain. This made it possible to fit more transactions into one block and reduce fees on the blockchain network. This is an important positive factor for this cryptocurrency and its chart.
All this indicates that the upward growth will continue. If the chart is able to break through the $2,722 mark and consolidate above it, then the price can very quickly rise to $3,000. We think this is where the next major resistance is located. Based on this, the growth potential for ETH at the current moment is 15%.