- ETH is currently trading at $1093.
- The bullish momentum is still kicking on.
- ETH has the best risk-return factor in 2021
- Ethereum price could reach a new ATH very soon.
Following the majestic run by king crypto to smash its ATH in the recent weeks, it would appear that the world’s largest altcoin, Ethereum, is ambitiously aiming to break a few records of its own. Ethereum price has finally crossed the $1,000 price level after a turbulent 12 months. The last time ETH touched this price was back in 2018.
ETH price prediction: Ethereum price movements in the last 24 hours
Ethereum price has surged by over 35 percent in the last 24 hours to break the psychological four-figure barrier today. The second-largest cryptocurrency has overcome a couple of barriers near the $800 price level to break past $1,000 finally. Over the last 24 hours, the ETH price pump makes it one of the largest within a single day.
Ethereum opened the day trading $980.23 before marching towards its current price. Ethereum price has so far ranged between $955.35 — $1,169.97, and at the time of writing, its price stands at $1,098.56. Ethereum is currently the second-best performing altcoins after Loopring’s Layer 2 DEX token.
ETH price prediction: Could Ethereum rally towards $1,200?
Over the last 48 hours, ETH price has overcome a couple of critical barriers as the price crossed the $700 sell-off point. Ethereum price rose gently above the 50 percent Fibonacci retracement level of its primary slump from its $1,590 ATH to $81 swing lows. The ETH/USD pair is currently bullishly trading beyond the $1,000 price mark.
The bulls are currently attempting to break past the $1,050 and $1,080 resistance zones to clear the path for a rally towards the fundamental $1,200 resistance level. The 76.4 percent Fibonacci retracement level of the vital slump from $1,590 ATH to $81 swing lows is positioned around the $1,240 price level to be a short-term impediment to Ethereum’s bullish momentum.
ETH price prediction: ETH/BTC 1 day chart
The ETH/BTC chart appears bullish as the chart above indicates the pair recapturing near the 0.027 BTC and a breakout from a descending trendline. The next sell off zone is near the 0.034 BTC price level, which has forced the bulls to fall back. The next resistance point is at 0.040 BTC price level.
Despite the possibility of a short term price correction, ETH/BTC pair appears to be bullish and could soon breakout past the 0.034 BTC price zone and rally higher.
ETH price prediction: Conclusion
The massive price surge by Ethereum is excellent news for altcoins, specifically breaking the key resistance near $848. It goes without saying that the pump by Ethereum has been as robust as the one by bitcoin a few weeks back. After the launch of Ethereum 2.0 early in December and the listing of ETH futures by the CME Group, there is substantial evidence to be confident about the short-term price of ETH.
Ethereum is just a little over 35 percent off its all-time high three years ago at press time. Many analysts and commentators expect ETH to jet past its all-time high, with bitcoin having broken its record a couple of days back. Taking into account bullish momentum in the Ethereum market, on top of the escalating interest and demand, it is arguable that ETH is on track to have the best risk-return factor in 2021. The second-largest digital asset might record a new all-time high soon.