Crypto Youtuber and NFT maximalist EllioTrades has made a data driven analysis on Ethereum next move and what might be the path forward for its new all time high and parabolic activity.
“Ethereum is showing signs not once but twice of breaking out new all time highs but once again, it turns away from its destiny. Thats right a higher Ethereum price is programmed but it’s not revealing itself just yet.”
“We’re going to compare Ethereum to the absolutely possible example that could shed some light on exactly when Ethereum is going to snap to $2k, $3k and beyond on its journey to a five figure valuation.”
“We can look towards history to show you the only other coin that we can truly compare Ethereum to Bitcoin itself had a very similar pattern back when it was breaking out of his prior high in 2017.”
“Bitcoin had its first breakout above its prior high in March 2017 after trying to break out 5th of January ($1160) with a little run up in middle late February before getting totally rejected and for the first time when it broke out and retested in March, Bitcoin blasted up about 250% till August and had a bull run till December($13880) with a price surge of massive 1100% from its previous high($1160)”
In comparison to Ethereum EllioTrades says “We have been tickling the all time high and barely getting above it and it won’t suprise me if this is to be a little of battle here [Whales manipulation] for Ethereum to get upwards above this [all time high] in a convincing manner”
It is only a matter of time now, it’s a ticking time bomb before Ethereum flips resistant into support and have a explosive move upwards.
He also added that the introduction of EIP 1559 which is The Final Puzzle-Piece to Ethereum’s Monetary Policy change to Ethereum’s gas management has significant implications to the monetary system of Ethereum.
Ethereum has kicked off 2021 on a bullish note that could continue throughout the year.