Ethereum Going Parabolic Toward $1,000 As Altcoins Rally
Ethereum price just had a major breakout from a low of $768 to a high at $978 on Binance and seems to be targeting $1,000 in the short-term. The digital asset was trailing behind Bitcoin as the flagship cryptocurrency continued posting new all-time highs.
On the ETH/BTC chart, Ethereum is dominating and it’s up 18% which indicates the digital asset is ready to take over. The Eth2 deposit contract has received over 2.2 million Ethereum in total which are locked and worth more than $2 billion at current prices.
Long-term on-chain metrics indicate that Ethereum still has a lot of room to go up, especially considering its all-time high was above $1,400. Unlike Bitcoin, the rest of the altcoins have not posted new all-time highs just yet although Ethereum is the closest to achieving that feat.
Ethereum price analysis: ETH ready for $1,000
On the weekly chart, Ethereum has clearly established a strong uptrend but hasn’t seen any major corrections just yet. As long as the bulls can hold the 12-EMA and the 26-EMA support levels, the uptrend will remain intact.
Even though Ethereum can definitely hit $1,000, investors must be extra watchful as Bitcoin also needs a significant pullback to remain in a healthy uptrend which will most likely affect Ethereum as well.
The most important chart for Ethereum is the ETH/BTC weekly chart. So far, this chart remains in a downtrend but Ethereum is making a comeback. Bulls need to push the digital asset above 0.033 BTC in order to establish an uptrend.
However, the most significant resistance level to beat is 0.0355 BTC which would be a massive breakout of ETH/BTC that will indicate Ethereum is ready to get close to Bitcoin’s market capitalization again just like it happened at the beginning of 2018. Additionally, it would also be a clear sign that the altcoin season has started.