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Today marks an important day for Ethereum, as it has managed to break through the essential psychological price of $ 500 in the past hour. This year has been a colossal year for cryptocurrencies – increased interest from tech entrepreneurs, better understanding of the cryptocurrency market across the masses, and increased adoption by big techs, financial institutions and private investors Have helped to increase demand. What should we expect towards the end of the fourth quarter of 2020? Will 2021 be the year of cryptocurrencies?
Ethereum Price Today – A healthier uptrend than 2017
If we compare the bullish trend that occurred in 2017 and that that occurred this year, we can CLEARLY see the difference in the behavior of the price action. Prices rose by 200% within days, with little or no price adjustment, signaling a clear uproar in the market. Here at CryptoTicker, we have always talked about how much it is necessary for prices to adjust, giving the markets some “breathing room”. The inability to have price adjustments over an extended period usually results in market crashes, as most traders take their profits at the same time, creating a sudden FUD with no significant market progress or news to support or explain. the price action, which was case back in 2017.
Today, in 2020, we can see a very healthy uptrend that has undergone price adjustments along the way (Fig. 1). This phenomenon shows stronger prices and a more solid market, less prone to heavy price adjustments.
Ethereum Price Prediction – What to Expect Next
In a previous article, we talked about how Ethereum will reach its soft price target of 500 USD very soon. Today is the day we look back at this bullseye forecast and set our next soft target, which is the psychological price of $ 600, previously marked as a very important area in 2017.
Price targeting is not done by simply adding + $ 100 to the price each time, but rather by looking at past price behaviors since 2017. In this case, the price of Ether was greatly affected by every psychological price level that was usually reach, therefore taking it into account in today’s analysis.
We note in Figure 3 above, that regular price adjustments have been taken into account, as it is natural to have profit taking along the way.
Reasonable Stop Loss levels would range from USD 420 to USD 445, depending on the risk appetite of traders just entering the markets. A breakout below these price levels could result in a temporary stagnation of prices, pending further news advances to lift the price.
Stay ahead, Stay Updated
Rudy Fares
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Disclaimer: The authors of this website may have invested in cryptocurrencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in cryptocurrencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs carries a high level of risk and is therefore not suitable for security conscious investors. CFDs are complex instruments and come with a high risk of losing money quickly thanks to leverage. Keep in mind that most private investors lose money if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with an increased risk of losing money. Note that past earnings are no guarantee of positive results in the future.
