Friday, July 30, 2021
Ethereum Ethereum price breaks $1,600 in unstoppable rally targeting $2,000

Ethereum price breaks $1,600 in unstoppable rally targeting $2,000

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  • Ethereum price has just broken $1,600 across all exchanges.
  • The smart-contracts giant aims for a price target of $2,000 in the long-term as most on-chain metrics are in his favor.
  • The digital asset has been underperforming in comparison to Bitcoin which doubled its previous all-time high of December 2017.

Ethereum has just reached a market capitalization of $183 billion for the first time ever after surpassing $1,600 across all major exchanges. ETH bulls aim for at least $2,000 in the short-term and up to $3,123 which is the 261.8% Fibonacci Level that Bitcoin touched after its last rally.

Ethereum price breaks $1,600 but could see a pullback 

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 substracting the top of the pattern with the bottom and adding it to the breakout price. 

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In our last article, we have discussed how difficult it will be for Ethereum to hit $2,000 as the digital asset is facing some short-term resistance. Several on-chain metrics suggest ETH is poised for a pullback first before another leg up. 

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