Ethereum, the second-biggest cryptocurrency in the world, rose 408% in 2021. While that makes it one of the best-performing assets in 2021, many investors had higher hopes for crypto, which only declined at the tail-end of the year.
With the start of a new year, many investors have their hopes high about the performance of the Ether. Ether now looks to be in the bullish zone in the daily price chart (gaining 2.4%), which is the long-term direction of Ethereum.
The 24 hours price chart of Ethereum. Source: Tradingview
Ethereum Could Rally to $6,300
After days of oscillating between the two oversold levels of 50 and 40 on the RSI, the Ether fell below the $3,600 level on December 30.
Using that as an important support zone, the Ether has now bounced up above $3,800 – which has proven to be one of the most critical support zones for the assets.
If Ethereum continues its upward momentum and breaks above the triple top (based on point-figure analysis), solidly planting Ethereum back into a bullish market across all time frames.
Breaking above the $4,300 level will create an entry, whilst the stop will be located down at $3,900. Breaking above the triple top will create an entry at $4,300, the price target could be as high as $6,300. This will mark a 60% rally from its current price of $3,832.
Price prediction chart according to @FXScrypto
On The Flipside
- Over a longer period, a much bigger price breakout for Ethereum is further predicted ahead of its PoS network transition.
Why You Should Care
The following should be considered expert opinion based on the market structure of Ethereum and not trade or financial advice.
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