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Ethereum ATH: Is ETH on the Verge of Another Breakout?

Ethereum ATH Is ETH on the Verge of Another Breakout

Despite its previous 9% drop, Ethereum may be on the verge of another all-time high (ATH). According to experts, ETH may start a rally which will yield a 650% increase.

Is Ethereum indeed on the verge of another breakout? In this Ethereum price analysis, we’ll find out if the charts agree.

Ethereum Price Analysis (Jan 24)

To be fair, Fundstrat advisers and leaders are well-known crypto bulls. Despite their prediction, is the crypto community ready for another Ethereum ATH? Let’s find out in the charts in this Ethereum price analysis.

ETH 4-hour chart
ETH 4-hour chart (source: TradingView)

The chart shows that despite having an irregular price movement, Ethereum is showing an identifiable pattern. For example, ETH would surge up before encountering a psychological ceiling. Once it hits the resistance, it immediately crashes until it becomes oversold. Then it would show a rising trendline before surging again.

As shown above, ETH succeeded in hitting a new ATH just this month in its second attempt. However, it crashed again in a similar fashion as its first rally attempt.

At the moment, we can see another rising trendline. If we look at the 1-hour chart, we can see another bullish indicator.

ETH 1-hour chart
ETH 1-hour chart (source: TradingView)

Ethereum showed an ascending triangle during the 1-hour chart, which is a bullish sign. This happens when the support level is ascending at a very high pace, while the resistance level seems to be stagnant. This reveals that there are more traders buying the asset than there are sellers.

Given these signs, we can say that ETH has a good chance of recording another ATH soon. However, increasing by up to 650% seems to be a long shot for now.

Read Also: Ethereum (ETH) Price Analysis and Price Prediction 2021

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.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.