On Tuesday, January 19, the Ethereum rate reached an all-time high, rising above $ 1.4 thousand. The altcoin set a new price record, in particular, on the Bitfinex and Bitstamp exchanges. On the largest cryptocurrency exchange Binance, the coin did not have enough $ 1.7 to rise above the previous peak of $ 1,440, writes RBC Crypto.
Over the past year, Ethereum has risen in price by 730%. Ethereum showed even greater profitability if we count from March 2020. Then there was a sharp drop in the markets, during which the price of the coin fell below $ 90. Since then, the asset has grown in value by 1200%. What will happen next with the rate of the most popular altcoin?
Short-term forecasts
Ethereum may not have hit the limit yet, both in the short and long term. For example, the analyst of the NewsBTC portal Ayash Jindal believes that the price of an asset may soon rise to $ 1.5 thousand. The key resistance level is at this mark, the expert explained. He clarified that there is a risk of correction, the coin quotes may drop to the support level of $ 1.28 thousand.
The rise in the price of Ethereum to $ 1.6 thousand was predicted by the analyst of the Ambcrypto portal Akash Girimath. According to him, the next Fibonacci level is at this mark, which is a short-term target for the asset rate.
A similar forecast was given by the analyst of the Amsterdam Stock Exchange Michael van de Poppe. In his Tiwtter account, he wrote that he allows the Ethereum price to rise to $ 1.6 thousand, also referring to the Fibonacci levels.
#Ethereum $1,400.
If this continues running according to Fibonacci, we might hit $1,600.
– Michaël van de Poppe (@CryptoMichNL) January 19, 2021
An even higher short-term goal for Ethereum was set by the analyst of the Cryptopotato portal Yaz Sheikh. According to him, the altcoin rate can reach $ 1.65 thousand. To do this, he needs to overcome the resistance level of $ 1.53 thousand, and then $ 1.6 thousand.
The Sheikh warned that a decline in the cryptocurrency rate is possible. In this case, the fall of Ethereum will be prevented by the support levels formed at the levels of $ 1390, $ 1350, and $ 1275.
Earlier, the managing partner of the Moonrook Capital fund Simon Dedich expressed confidence that the Ethereum rate will soar to $ 3 thousand within 2 weeks after breaking the previous maximum of $ 1.44 thousand. He explained this by drawing an analogy with Bitcoin. Its price, after exceeding the previous record of $ 20 thousand, doubled in a few weeks.
Long-term forecasts
Ethereum can show more results in the long term. For example, Poppé predicted a multiple rise in altcoin prices back in July, when it cost less than $ 250. Then the expert suggested that during the next phase of growth, the value of ETH could reach $ 5-10 thousand.
A similar forecast this month was announced by the founder of the information portal Nugget’s News Alex Saunders. From his point of view, in the long term, Ethereum may rise in price to $ 5-20 thousand. Most coin holders are unlikely to sell it for less than $ 2 thousand, he is sure.
The experts interviewed allowed the Ethereum cost to rise to $ 2.5 – $ 3 thousand. But they stressed that such dynamics will take time, doubling the price of altcoin may take about a year. They called the preservation of an uptrend by bitcoin as an important condition for strengthening ETH.
In June 2020, Real Vision economist and CEO Raul Pal suggested that Ethereum will cost more than Bitcoin in the future. However, he did not name a specific timeframe and explained this scenario with technical analysis.
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