Ethereum has been going bonkers, hitting a new all-time high. The questions everyone has been asking are: "What is in store for Ethereum?" "What is next for the price?" "How high can the price go on this current uptrend?"
Ethereum is currently in a solid uptrend, and as long as we continue to maintain above the green line in the chart, then that uptrend will be intact. Ethereum even hit a new all-time high at $1,820; this is the fifth new all-time high in the last month for Ethereum.
From the look of things, it seems like we are getting ready to see more new all-time highs before Ethereum goes into a significant correction.
We even had a situation where Ethereum came back down, retested the resistance line as support, and flipped it over. The target for this triangle breakout is $2,200; we can hopefully see Ethereum crossing the 2000 dollar line very soon, most probably at the end of this week.
Wondering how long this uptrend can continue before the significant correction if we look at Bitcoin, it broke out of its previous all-time highs and started its run. It took Bitcoin about twenty-three days to gain 111% before finally finding a local top and having a significant 30 percent correction. A week after its initial breakout, Bitcoin had a considerable markup period, a brief correction, before Bitcoin pushed higher to $42,000.
It looks like Ethereum is in a similar situation currently; looking at the charts, it seems like Ethereum could be preparing to follow a similar pattern.
Ethereum broke its previous all-time high seven days ago; we are only a week into price discovery for Ethereum. Like Bitcoin, we have just had a reasonable price correction into the early stages of this bull run where people came to take profits, etc.
Ethereum is also getting ready for the big move that would take it to 3,129 dollars, and this could happen by the 24th of February if we follow the same pattern as Bitcoin.
Many things are happening in Ethereum; the CME Futures, for instance, have come and gone, the market did not enter a bear market; instead, Ethereum has gone ahead to make a new all-time high.
Looking at the terms of institutional interests, Ethereum has had a good week. The CME attracted attention to Ethereum; the run-up to the Futures launch saw 80% of institutional money flowing into crypto, coming from institutions and going into Ethereum last week. This shows that institutions have seen Ethereum's potential, and the CME helped bring it to their notice.
