Ethereum’s new all-time high prepares ETH for ‘continuation to $5,000’

Ethereum has not been faring well of late, but some analysts believe it’s on the way to a “continuation to $5,000,” and more.

Ethereum’s new all-time high has prepared ETH for “continuation to $5,000” according to the price predictions of different analysts. Read more in detail here: ethereum all-time high.

On Oct. 29, the cryptocurrency market is in a good mood after bulls managed to push Bitcoin (BTC) back to the $63,000 support zone and Ether (ETH) to a new all-time high of $4,460. 

4-hour chart of ETH/USDT. TradingView is the source of this information.

Here’s what market analysts are saying now that Bitcoin has found support over $60,000 and Ether is poised to enter price discovery.

BTC might reach $90,000, according to bulls.

Independent market analyst Crypto Ed NL reflected on the positive movements in BTC and Ether, tweeting that it “looks I wasn’t optimistic enough at $40,000” when a goal of $73,000 was set.

Ethereums-new-all-time-high-prepares-ETH-for-continuation-to-50001 day chart of BTC/USD. Twitter is the source of this information.

The expert said that the “goal climbed up to $90,000 and after a pullback, we should reach $100,000” after taking recent movements into consideration.

In response to questions about how this scenario might effect the price of Ether, Crypto Ed NL sent out a follow-up tweet outlining how the price action would play out, as well as a price objective of $6,000.

1635537715_877_Ethereums-new-all-time-high-prepares-ETH-for-continuation-to-5000One-day chart of ETH/USDT. Twitter is the source of this information.

According to Crypto Ed NL,

“There’s no need for the customary disclaimers. I’m wrong when I’m wrong, but being wrong on this will surprise me.”

The next significant obstacle for BTC is $85,000.

Decentrader, a crypto market intelligence firm, provided a more in-depth look at the price action for Bitcoin, noting that last week’s 14 percent drop in the price of BTC from $67,000 was “due to token-margined leverage traders aggressively longing the final run-up to the all-time high and brief breakout levels.”

After a total of $120 million worth of short positions were liquidated on Oct. 20, both longs and shorts felt the agony of the recent price decrease, according to Decentrader. The “late-longs” were also forced to liquidate $100 million the next day.

1635537716_819_Ethereums-new-all-time-high-prepares-ETH-for-continuation-to-50001 day chart of BTC/USD. Decentrader is the source of this information.

BTC’s price has now “drawn back to the failed rally mark from May of this year,” which is now “serving as support after the failed breakout.”

According to Decentrader,

“We are going to see the 128DMA cross over above the 200DMA, which is a higher time frame indicator of bullish trend continuation. After similar crosses in prior bull markets, the price has witnessed persistent rallies. We continue to anticipate that the next significant region of trouble for BTC will not occur until we reach $85,000 – $90,000.”

As GBTC approaches $40 billion in assets under management, it may become an ETF by July.

Ether is ready for a $5,000 extension.

Michaal van de Poppe, a market analyst and Cointelegraph writer, offered one probable scenario for how Ether’s price behavior may play out in the near future.

1635537716_271_Ethereums-new-all-time-high-prepares-ETH-for-continuation-to-5000One-day chart of ETH/USDT. Twitter is the source of this information.

According to Poppe,

“It’s a good S/R flip, and it’s definitely ready for a $5,000 continuation.”

The total cryptocurrency market capitalization is currently $2.666 trillion, with Bitcoin commanding 44.2 percent of the market.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

Ethereum’s new all-time high prepares ETH for “continuation to $5,000”. Ethereum has been predicted to be worth $5,000 by the end of 2018. Reference: ethereum news.

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