Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap, hit a brand new all-time excessive of $2,199 earlier immediately.
What Occurred: The cryptocurrency value gained 2.15% in a single day after this weekend noticed two consecutive days of ETH buying and selling above its essential resistance stage of $2000.
Analysts from crypto change Kraken known as this value barrier “psychologically vital” of their March 2021 Market Recap and Outlook report.
Additionally they estimated that the subsequent main resistance stage for ETH might be $2,700 based mostly on historic information.
“When plotting logarithmic regression traces towards ETH’s historic value motion, one will discover that ETH’s subsequent massive stage of resistance resides round $2,700. Moreover, one can determine numerous ranges the place ETH might prime out this market cycle. As an example, a transfer as much as the logarithmic regression line that coincides with ETH’s earlier market cycle prime would suggest a $15,283 Ether.”
Why It Issues: Thus far, the second quarter of the 12 months is but to ship a adverse return for ETH, because the 5-year common 2Q return stands at 141%.
“Ought to we see historical past repeat and ETH superior +141% in 2Q, the value of ETH could be $4,643. Utilizing the median 2Q return of +71%, this determine would are available in at $3,281,” famous the analysts.
Other than the historic fundamentals touched upon by the analysts from Kraken Intelligence, different latest on-chain indicators have additionally proved bullish for Ethereum.
— glassnode alerts (@glassnodealerts) April 12, 2021
Information from on-chain metrics supplier Glassnode exhibits that the variety of addresses holding ETH reached a brand new all-time excessive of 57 million – an indication that the variety of folks holding the cryptocurrency is on the rise.
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