- ETH gears up to reach the bullish price of $2000
- More, crypto analyst positive that ETH price will rocket high in no time
Ethereum is one of the cryptocurrencies in the crypto world that needs no further introduction. In terms of technology, ETH is also popular in the DeFi space since DeFi startups mostly use its technology. As a result, ETH expects mass adoption of its tokens.
When it comes to market position, the average trading volume of the crypto per day amounts to almost $50 billion. In addition, the market capitalization of the crypto is now over $180 billion, a huge market value. Consequently, ETH continues to maintain its throne next to Bitcoin, the king of cryptocurrencies.
All these bullish events made the crypto analyst and investor, Lark Davis react via a tweet:
#ethereum got up to $1,565 today! amazing! $2,000 so damn close!
— Lark Davis (@TheCryptoLark) February 3, 2021
ETH Price Analysis 2021
The graph above shows the crypto’s uptrend position despite the wild market swings of the crypto world. Today, the crypto trades a high price of $1,670 above the Fibonacci level of 0.236, a bullish level. Also, the chart displays ETH’s increased rate of over +130% from January 1 to February 5. If this bullish trend keeps on, ETH might smash its $1,700 resistance level and go beyond.
If it does, the doors heading to the bullish price of $2,000 will open, an opportunity the bulls won’t deny. In particular, the price level of $2,000 has a growth rate of +16.4% from its current price. Truly, the growth level of +16% is achievable if ETH continues its bullish performance.
In terms of trading, the crypto resides above the Fibonacci golden ratio level of .618, an uptrend position. In short, scalp and day traders can trade without worrying about any price nosedive. Furthermore, traders like day traders must not overlook the opportunity that ETH has for them in the days ahead.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.