The world’s second-biggest cryptocurrency, right below the juggernaut Bitcoin, has shattered a crucial resistance barrier recently and has thus been enjoying all-time high prices as of late.
As of the time of this writing, Ethereum’s price rests just above $2,070, and this slight increase had occurred after the cryptocurrency had managed to reach the $2,000 mark within the past 24 hours. One of the biggest reasons for this sudden spike in price is the Ethereum network’s latest upgrade called Berlin, which is expected to be rolled out near mid-April. This upgrade will also require both miners and node operators to update their clients to the latest version.
Ethereum more than likely to continue uptrend
As the planet’s second-largest cryptocurrency in terms of market capitalization had also gone through a period of stagnation for an entire month, Ethereum had therefore experienced plenty of higher lows as well as lower highs recently. It was hence due to this constant market fluctuation and sporadic behavior that ultimately led to the forming of the symmetrical triangle on ETH’s daily chart.
This all changed, though, thanks to a sudden surge in purchase orders through which Ethereum had managed to escape the pattern of consolidation. Furthermore, if we were to measure the y-axis height of the aforementioned triangle and then combine it with the point of breakout, we can then observe an empirical prediction of ETH priming itself for an upswing of 37%.
Should this prediction come true, Ethereum could soon enjoy a new all-time record high of over $2500.
There could be a pullback period prior to the continuation of the ETH uptrend
Despite the success experienced by Ethereum, there are some who indicated that there would be a pullback period before the uptrend can continue for the cryptocurrency. Rekt Capital, a market analyst, mentioned that the price pocket of $1,925-$1,980 would not break so easily and especially not all at once. As a result, Ethereum will more than likely be forced to retest the above-mentioned symmetrical triangle and its breakout point prior to making any further advancements.
Still, the Berlin upgrade could be the key difference-maker here. However, only time will tell how ETH’s price will look once the fluctuations cease and the dust settles following the launch of Berlin in about two weeks.