Investing.com – The struggled to its record highs from May towards the end of the past week. A breakout above this seems to be only a matter of time given the current upward momentum.
In July, the ether price was quoted $ 2,400 lower and struggled to stabilize on its 200-day line. This actually occurred shortly afterwards and gave the second most important cryptocurrency behind by market capitalization noticeably back to its all-time highs of 4,375 dollars.
The “London” hard fork, which was carried out at the beginning of August and introduced a token burn mechanism with the “Upgrade” EIP-1559, certainly helped. In connection with the ongoing hype about non-fungible tokens (NFT), this gave a noticeable boost again, so that there are now signs of a massive breakout to the upside.
With the spurt above the resistance from an internal trend line and the 78.6% Fibonacci retracement of the entire downward impulse from May to June 2021 at $ 3,750 / $ 3,800, the following goals can be made on the upside: from the high at the a hard limit for the Ether course can be made out at 4,096 / 4,100 dollars. After that, the record high of 4,375 dollars comes to the fore.
If the ether bulls manage to sprint over this hurdle, the lid would be lifted and price increases to $ 5,100 would only be a matter of time. A mathematical upward potential of around 30 percent could be determined from this. The trend dynamics, measured by the ADX, is not yet so pronounced, so that there is still room for a significant acceleration, which should bring Ethereum further price gains.
At this point in time, the technical outlook would only be sustained if it fell below the $ 3,000 mark. In view of the trend intensity, this is currently not an option. Fallbacks to $ 3,500 and $ 3,330 could attract new buyers.
Note: This article does not constitute investment advice or a solicitation to buy or sell assets. The article also does not purport to predict the development of the Ethereum price. It is only a subsequent comment on the Ether development, the Ethereum investors about the latest crypto news and the technical starting position of the should inform.
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