ETHEREUM ANALYSIS
Massive amounts of money are just waiting, getting ready to flow into ethereum. Although we have seen a slow but steady increase in demand for Ethereum from institutional investors, there two upcoming launches that are going to open Ethereum up in a massive way to a vast audience of institutional players. This could send Ethereum bumping way higher than it is now in weeks to come. February 7th, 2021, in particular, would be a big day for Ethereum.
Ethereum has been rejected twice while trying to make a big break over that last all-time high. We have set a new all-time high for Ethereum, just by a few dollars, but that price has now become our new zone of rejection, the price Ethereum needs to beat decisively to get a breakout.
The exciting thing is that this recent Ethereum breakout has come back down to test that previous resistance as support. This is technically a bullish move; we also saw Ethereum come back down to retest the 50-period moving average, and then after a quick bearish trap, the price has pushed higher. The price at this time is maintaining a 50-period standard that is indicating strong short-term bullish price momentum.
These technicals could be acting as not only a strong launchpad to test the zone of rejection again but probably to even pass the zone of rejection, finally, get an excellent, trustworthy close above $1,500; if that happens, we will start soaring.
Ethereum is currently way overbought on the weekly RSI, it has been like this for some weeks now, and it could last for a few more seems, but there is a good chance that a sell the new kind of thing might be playing out with the CME futures launch. We could see the price go higher before then; these significant news events tend to see the price volatility coming in.
A report came out from Coinbase showing that institutional investors are interested in buying Ethereum because they see it as a store of value. This report we have from coinbase is also similar to that of Grayscale when they said that they were beginning to see a whole new wave of investors coming in, particularly investors who are Ethereum first or Ethereum only coming into Grayscale trust now we are seeing the same thing happening with Coinbase now as they are announcing that investors are also interested in Ethereum. This is very exciting bullish news.
