I woke up today to see that Ethereum has increased in value by 11.50% in the last 24hours. This is very exciting, and it looks like this coin will achieve a new all-time high at this rate; it also seems like it will get to $2,000 sooner than we expected.
Ethereum is currently on the cusp of an incredible breakout. The chart below shows searches of Ethereum in the past; this chart has been a leading indicator for price movement.
The average time between when we see a massive spike in Google searches when we see ethereum trending, and then for a massive spike in the price of Ethereum has been growing.
Ethereum searches spike a new high about a week ago.
The usage statistics for ethereum is also at an all-time high; the number of new addresses, number of talks with none zero balances, the number of daily transactions on ethereum, the total value being settled on-chain, the number of developers on ethereum, the number of applications being built on ethereum, the number of users using those applications like DeFi and so on.
This is the weekly chart above; Ethereum has been on a downtrend versus Bitcoin for about three and a half years, and it seems like Ethereum is attempting to break that downtrend. Now, if we see a green candle closing above the green line on the chart, then it is Go Time for ethereum.
That will single a massive breakout for the multiyear downtrend with the same way it happened to Bitcoin when it broke out from its massive multi-year downtrend. There is a possibility that we are going to see Ethereum rallying super hard.
The Ethereum Bitcoin pair has also formed a massive triangle from this downtrend; this triangle is now closing in on its terminal point. Now, this means that we could see Ethereum doubling and even tripling versus Bitcoin, possibly more if the breakout tends to be successful.
Ethereum could break out anytime between now and then, but if we fail to get the break now, we might have another opportunity to buy Ethereum here on the support.
Ethereum is looking to break an all-time high versus the dollar; we need to see ethereum cross over $1,448 (USD) to crack that new all-time high. The last time it had this opportunity was on the 10th of January, 2021, and ethereum has been consolidating ever since then.
A bullish breakout is currently about to occur, and Ethereum may double in price just in the space of a matter of weeks.
