Ethereum rallied again on Tuesday, reaching up above the $1,800 level before turning around, closing the daily candle just below around $1,775. Another higher high for ETH as the second-largest crypto continues to grind higher right behind Bitcoin, putting in another all-time high as ETH grinds ever-closer to $2,000 for the first time.
(February 9, 2021 8:30 PM EST)
Ethereum continued its ascent Tuesday, making another higher high and printing a new official ATH just above $1,800 in its ongoing quest to reach $2,000 for the first time. The ETH/BTC ratio has taken a hit lately, falling below the 0.04 level in lieu of Bitcoin's powerful breakout higher, reasserting itself as the premier and mega-cap crypto, sucking up market share as it does during bull markets, leaving the altcoins to fight for the remainder of the crypto space's market cap. ETH tends to absorb the majority of this, as it has impressively continued to grind higher, though we are starting to get the vibe that ETH could also be due for another break higher sooner rather than later, and it really could come from BTC bullishness or stalling, allow for another sector rotation out of BTC into ETH. Either way, BTC and ETH are both still forecasted by multiple models as listed before to outperform in 2021 vs 2020, pointing to a 500%+ return for ETH ($3,200+) and 350%+ for BTC ($100K). This also coincides with Pantera Capital's Dan Morehead who has repeatedly gone on record to say a $115,000 BTC price could come as early as Q3 2021, indicating a potential $7-10K ETH price as a result.
In the meantime, we continue to HODL, buy the dips and earn ETH while we enjoy the ride. There's not much to do now other than sit back and let your investments grow. Otherwise, DCA on a weekly/biweekly basis, whatever you can afford. Historical charts and models all point to 2021 being substantially better for crypto and ETH in particular, although ETH has outperformed BTC in 2020 so really it's no surprise there. ETH returned over 400% in 2020, and if the models suggest ETH (and crypto in general) to outperform in 2021, then we can possibly expect a greater than 400% return in 2021, pointing to a high of somewhere between $3,000 - $4,000. It's worth noting that YTD, ETH is currently up 125% from its Jan. 1 price of $750.
Support: This has been all but confirmed; look for support around the $1,500 resistance region, which has been tested a couple of times since we broke higher and appears to offer buying pressure.
Resistance: All eyes are now on $2,000, then $2,500. The former would be a clean resistance level, though crypto is rarely clean so we could see a stronger momentum push up to $2,500 or possibly even $3,000.
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