Ethereum hit a new all-time high yesterday, and ethereum will go a lot higher than most people expect.
There's an almost perfect breakout on the ascending triangle, our target for this breakout is about $1,920, so we could see Ethereum going a lot higher in the next few days, and things begin to heat up. There is still time to take action if you are trying to trade this breakout.
One thing to note about this breakout is that the volume was not insufficient, neither was it convincing enough on this move. We could see a scenario where Ethereum comes back down, tests the top line, briefly flipping that resistance into a new line of support before pumping higher; it is just a scenario.
Ethereum might just be picking up enough steam before pumping higher to the target.
Ethereum is currently sitting above $1,500, we know how long it took for it to get here, and it has been a long road for Ethereum. We are heading into price discovery for Ethereum, and the $1,920 target is our short-term target. The chances of Ethereum doubling in a rapid amount of time precisely as Bitcoin did are very high. $3,000 is not the end of the price action for Ethereum in 2021.
This bull run is not going to be a simple 2x over the all-time high; Ethereum could easily do another 10x or more this bull run.
Despite us still being barely above $1,500, Ethereum could hit $5,000 or even $10,000 anytime soon. People doubting this right now reminds me of the same attitude people had when Ethereum was only $20 a few years ago. There are those people who believe in innovation, technology, and what is coming. There are those people who don't believe in technology, innovation, the adoption curves of technology, and that the market can give you incredible returns even at this stage.
Those who believe in the investment theory of an asset like Ethereum will likely believe in the higher price predictions of this bull run.
Looking at Ethereum can remind you of Tesla. Some people kept saying that Tesla was not going to work, it was not going to sail, it was not going to catch on, and they kept betting on failure while failing to understand the innovation it was offering and failing to see the big picture.
Ethereum is working to remake the entire financial infrastructure.
