Ethereum Price has Surged to its Highest Price to Date

Ethereum Price has Surged to its Highest Price to Date
TradeGM Analysis date_range February 5th, 2021

The past 24 hours have been important and impressive for Ethereum. The platform’s native cryptocurrency, Ether, surpassed $1,600, which is an all-time high for the digital asset. Ether bulls pushed the coins in hopes of achieving Bitcoin’s Fibonacci level of 261.8%. The surge would bring the coin’s value to over $3000.

According to Bloomberg, “The token is popular for so-called decentralized finance, which skirts traditional intermediaries such as banks. As ever with digital coins, speculators may also be trying to ride Ether’s momentum for quick gains.

This surge was surprising for some since the cryptocurrency has been underperforming in the last month. Ethereum’s previous price surge was in 2017. Since then, its price has been relatively stagnant.

According to FXStreet, “Ethereum price was trading inside an ascending wedge pattern formed on the 1-hour chart. The digital asset broke out of the pattern and is seeking continuation towards $1,700 which is the initial price target determined by subtracting the top of the pattern with the bottom and adding it to the breakout price.

Except for Ethereum’s dramatic surge, the cryptocurrency market has not seen as much action in the past days. Bitcoin rose above $37,000 and then finally starting to cool off, while Ripple and Dogecoin fought for recovery after the pump-and-dump that happened his week.

Ethereum’s growth stopped at $1,575, but crypto experts believe that the trend will ascend to $1,800. Ether whales are hoping to push the price to $2,000.

The immense growth that cryptocurrencies faced in 2020 has been deemed controversial by some. Since digital assets are prone to mania and volatility, skeptics fear them for the risks they hold.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. X