The crypto markets have been on fire since November’s start. As of Nov. 2, a nearly uncountable amount of tokens had rallied to swing highs. Ether (ETH), which broke above $4,500, and Bitcoin (BTC), which reclaimed the $64,000 mark. Polkadot’s (DOT) reached a new all-time high, as investors amassed tokens in preparation for the parachain auctions.
As part of the transition to Eth2 and the proof-of-stake mechanism for the protocol, the Altair update to Ethereum beacon chain has led to Ether’s rising price. This was also a result of Ether being taken out of circulation and staked into the Eth2 contract.
Cointelegraph Markets Pro and TradingView data show that Ether prices have risen 62.54% since Sept. 29 when they were at $2,780. This was just over a month after Ether traded at a low of $29,780. On Nov. 2, Ether prices reached $4,523.
1-day chart of ETH/USDT Source: TradingView
Here are some thoughts from traders and analysts about Ether’s recent price action and where it may go in the coming months.
ETH could be an “impulse wave” that takes the price to $6,000
Cointelegraph contributor Michael van de Poppe posted the following chart, which estimates an “impulse movement” of $6,000 to $6,000. This could happen sometime between November 2021, 2022, or January 2022.
1-day chart of ETH/USDT Source: Twitter
Van de Poppe said,
“Ethereum impulse wave target may be $6,000
Nalysts anticipate “another breakout soon.”
Options trader John Wick (a pseudonymous Twitter user) warned profit-takers that there was a possibility of another Ether breakout.
Chart for 1 day ETH/USD Source: Twitter
“Ethereum continues making new ATHs. All those who have waited so long with us deserve it. Technically, there is another squeeze shading. Keep an eye out for another breakout!
Related: Ethereum price reaches a new high of $4,500 as Bitcoin retakes $64K
2017 fractal points up to $14,000 ETH
Matthew Hyland, an on-chain analyst, offers a final perspective that compares Ether’s price action in 2017 to the current market structure for ETH.
#Ethereum just got started… The extreme move is coming $14,000+ pic.twitter.com/5XSYoxAJ6F
Matthew Hyland (@Parabolic_Matt), November 1, 2021
Hyland suggested that if the fractal pattern is true, there could be a rally to at least $14,000 in the next two to three month.
The total cryptocurrency market is now worth $2.728 trillion, and Ethereum has a dominance rate of 19.4%.
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