The most anticipated day in the cryptocurrency market is finally here, and Ethereum is one of the key players. As a second spot on the Top 10 cryptocurrencies by market cap, ETH prices shot THROUGH THE ROOF with BTC breaking the 20k target. How did this happen and what’s to come? Read on for a detailed explanation.
Ethereum Price Analysis
On the 16th of December 2020, and with Bitcoin hitting 20k, Ether’s price shot almost 14% in one single day. In fact, this event was predicted after an extensive consolidation around the 2-year ATH.
Ether was hovering around USD 590, and with the current 20k events, shot all the way to USD 660.
Ethereum Price Prediction – Where is ETH headed towards?
If we compare and contrast the current prices of Ether with its previous price-action from 2017-2018, we can clearly see a silver lining. In a previous article, we clearly stated that any break in the USD 600 signals a bullish sentiment, sending the price to the next psychological price areas. In this case, after the break of USD 600, comes an important area of USD 780 (figure 1).
That’s why the below price areas are very important for traders who are setting up a medium-term buy strategy:
- Stop Loss: USD 590
- Target #1: USD 780
- Target #2: USD 900
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