Ethereum made a new all-time high following a month-long consolidation period. Now, the technicals point to massive gains on the horizon.
Ethereum Primed for Higher Highs
The second-largest cryptocurrency by market capitalization has been on a roll lately. After its fourth consecutive day in the green, Ethereum made a new all-time high of $2,088.
The sudden uptick came after Ether broke out of a symmetrical triangle on Mar. 31. Although some investors could take advantage of the recent price action to book profits, this technical pattern suggests a new uptrend has only begun.
By measuring the height of the triangle’s y-axis and adding it to the breakout point at $1,860, it anticipates that ETH is primed to rise another 24%. Such a bullish projection puts Ethereum at a new all-time high of $2,560.
Ethereum’s network growth further validates the optimistic thesis now that Ether has entered price discovery mode.
IntoTheBlock’s Daily Active Addresses model shows that the number of new ETH addresses being created is rising steadily since Mar. 30. Over 194,000 new addresses are being created per day at press time, representing a nearly 22% increase within the examined period.
Network growth is often regarded as one of the most accurate price forecasters. Therefore, Ether’s price would likely advance further to meet the symmetrical triangle’s target as long as this on-chain metric continues trending upward.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.