Could Ethereum really reach 1800 or 2020?
Very similar to Bitcoin, but at greater volatility, Ethereum surges higher from the consolidation along the 61.8% Fibonacci level and price level of 1321. Currently retracing briefly after reaching 1600, could we see more upside for Ethereum?
This move higher coincided not just with the recent weakening of the DXY, but the timing was also aligned with the rise of the equity markets and probably more interestingly, the new appointment of the UK PM.
Sunak is often depicted as a "crypto-friendly" leader open to cryptocurrencies and other digital assets.
In April, the UK government announced its plan to make the country “a global cryptoasset technology hub”.
Headed up by Sunak, Finance Minister at the time, in brief the plan aims to “ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice,”
This probably brought about a new wave of optimism to the crypto assets, not just Ethereum (check out my Bitcoin analysis )
Look for Ethereum to complete the brief retracement now, and to continue with the climb higher above 1600. Above the key round number level, this could provide more market stimulus to drive prices higher, possibly towards the next key resistance level of 1780 or even 2020.
This move higher coincided not just with the recent weakening of the DXY, but the timing was also aligned with the rise of the equity markets and probably more interestingly, the new appointment of the UK PM.
Sunak is often depicted as a "crypto-friendly" leader open to cryptocurrencies and other digital assets.
In April, the UK government announced its plan to make the country “a global cryptoasset technology hub”.
Headed up by Sunak, Finance Minister at the time, in brief the plan aims to “ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice,”
This probably brought about a new wave of optimism to the crypto assets, not just Ethereum (check out my Bitcoin analysis )
Look for Ethereum to complete the brief retracement now, and to continue with the climb higher above 1600. Above the key round number level, this could provide more market stimulus to drive prices higher, possibly towards the next key resistance level of 1780 or even 2020.
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