ETH Established New Record High, Could Hit $5K In 2021: Analyst

ETH established a new record high and according to one analyst, ETH could hit $5000 by the end of this year so let’s read more in today’s etheruem price news.

The world’s second-biggest cryptocurrency by market cap established a new record high on Thursday and the exchange rate of the pair reached $1927 ahead of the London opening bell after it managed to skyrocket by 4.12%. The pair gave up a small chunk of the gain to the profit-takers. It was trading at $1896 but it is still up by 2.41% into the daily sessions.ETH surged by almost 157% as the year started and increased by 2047% since the past global market rout so the cryptocurrency outruns its top Rival that made gains of 1262 percent year to date.

The rally of BTC that made it hit $52K is what propelled ETH to hit a new all-time high on its own. The brief downside correction on the BTC market after hitting the milestone resulted in spillover for the altcoins but ETH benefited. Now, analysts agree that the ETH/USD exchange rate will be able to extend the uptrend further as ETH established a new record high. The analyst took his bullish cues from the current growth against BTC while in retrospect, the ETH/BTC exchange rate declined by 87 percent and reached a high of 0.123BTC back in 2018. The pair bottomed out in the week ending September 9, 2019, and was correcting upwards since.

The attempt to turn the recovery into a bull run, faced a lot of resistance from the trendline pattern as the charts show so it was not until the end of  January that the pair started hitting the price ceiling. The pair was testing the same trendline support which made analyst see the bull run ahead:

 “Ethereum is retesting the breakout of a +1300 days downtrend. Many still don’t understand how big this is. It could easily go to $5,000 in the next couple of months.”

CryptoQuant also compared the boom-and-bust price rally from 2018 to the current bull run, seeming more focused on the long-term investment sentiment as the portal noted:

 [The cryptocurrency showed] fewer deposits, more withdrawals across all exchanges. Meanwhile, its] selling pressure is significantly weaker than in 2018.”