The cryptocurrency market experienced a strong rise yesterday. Bitcoin rose to $63,000, broke through the upper border of the descending channel, and consolidated above it. This triggered the growth of other cryptocurrencies, many of which showed very strong results.
Ethereum has become one of the most visible assets on the market. Its price has set a new all-time high again and continues to grow further. Let’s take a look at the chart of the second-largest cryptocurrency by capitalization and see if the uptrend continues further:
Ethereum has been showing strong upward momentum over the past month. During this time, its price has increased by 67%, which is a significant result. All this time, the chart is moving in an ascending channel. The price constantly bounces off the upper and lower boundaries, which gives reason to believe about the strength of this formation.
Ethereum rose 8% yesterday and set a new all-time high at $4,640. This is $180 more than the previous record price. This jump was associated with news from the largest commodity futures exchange in the world – CME. The managing director of the exchange noted that they are going to launch micro-futures on Ethereum on December 6th, 2021.
This news turned out to be positive for the entire crypto community and many market participants rushed to buy Ethereum. As a result, the trading volume increased by 25% and amounted to $21 billion per day.
Even more revealing is the Ethereum chart on a weekly timeframe:
First, there is a clear bowl-and-handle pattern here. If this formation is worked out, the price may rise to $6,300. This pattern was formed on the weekly timeframe, so we can speak of a high probability of this pattern being worked out.
Secondly, the chart itself looks very strong. Recent candles are growing steadily and this trend may continue in the coming weeks. Considering that Ethereum has established a new ATH and has firmly consolidated itself at these levels, we can say that continued growth will be inevitable.