Ethereum broke its absolute record to exceed € 1,200

Blockchain-Startup

Ethereum broke its absolute record to exceed € 1,200 in the space of a moment – Why this could be just the beginning

Ethereum, ready for take-off – It took a while, but ETH reached 1,200 euros on several exchange platforms very early this morning – before downshifting at the time of writing this article. In just 3 months, its price will have quadrupled… and it may well continue to do so!

Very early this morning, the ETH share price soared to $1,200 ($1,459), marking a new ATH for the currency by Bitcoin Circuit of the first of the smart contract blockchains.

In reality, the price has soared in just a few hours. It went from 1,085 dollars around 9 pm, to 1,124 a few hours later at midnight, to finally reach 1,200 euros at 2 am.

The rate has since fallen back slightly to the current level of around 1,150 euros.

What are the future developments?

For many, this rise in the price comes as no surprise. Indeed, Ethereum has been enabling the development of decentralised finance (DeFi) for more than a year now.

„The ether is the best opportunity in terms of risk/reward among all cryptomoney companies. »
Statement by David Grider, Analyst at Fundstrat Global Advisors

Thus, more and more large investors are taking a stand to defend the potential of the ether (ETH)… to such an extent that everyone is now making their own more or less serious prognosis, as is the case with Bitcoin. Thus some people dream of an ETH at 10,500 dollars, just like Bitcoin!

Still a long way to go

Of course, Ethereum deserves the enthusiasm and attention of the market. Whether it is the DeFi ecosystem or the deployment of Ethereum 2.0, everything seems to be going well for Ethereum.

However, these successes remain marred by the congestion of the chain and the huge increase in network costs.

Although ETH is likely to continue to grow in 2021, the increase will only be substantial if Ethereum can solve, or at least contain, its scalability problems.

Bitcoin (BTC) consolidates in uncertainty

Bitcoin market

Bitcoin (BTC) consolidates in uncertainty, while Ether (ETH) outperforms

Bitcoin (BTC) is coming back from another red week and seems to be stabilizing around $30,000. Which scenario is it heading towards?

  • After a spectacular rise, the price of Bitcoin (BTC) corrected for the second consecutive week.
  • Such a correction is healthy and necessary after the crazy rise of the previous weeks, and should only be temporary.
  • Bitcoin in WeeklyBitcoin in WeeklyBitcoin in Weekly

Bitcoin is based on Tenkan Weekly, the first support during an uptrend.

If on this scale, we can already observe an RSI that has deflated well, the correction Crypto Engine platform could continue. A return on the Kijun and the $25,000 is not to be excluded for the next few weeks. To find out more, let’s look at the smaller units of time.

The situation on a daily scale is mixed. On the one hand, Bitcoin has fallen below the significant $34,000 level. It is now playing the role of resistance, reinforced by Tenkan and then Kijun.

If there is no longer an uptrend, Bitcoin may simply be in a neutral trend phase. This is because the price rebounds on the lower bound of the Bollinger bands, horizontally.

The scenario of a horizontal consolidation between the two bands is therefore still possible, but the $30,000 support will have to be held for that. It will also be necessary to exceed $34,000 to give credit to this range assumption.

An H4 that holds

In H4, we find this decisive $30,000 level. A much clearer descending triangle pattern can be observed here. If it is a pattern that usually breaks from the bottom, the support must give way to confirm it.

The Bitcoin in H4The Bitcoin in H4

As you can see, as long as the $30,000 holds, Bitcoin is neutral and anything is still possible.

If the resistance slant breaks, the $30,000 to $40,000 range scenario will be preferred.

If the horizontal support breaks, the Bitcoin should continue to fall. The targets would then be $25,000 (Kijun Weekly) as well as $20,000 (former ATH and theoretical triangle target).