Ethereum - January 2021 Breakout & Possible ATH
With the entire alt-coin world stuck trading sideways while Bitcoin goes looking for NASA's Hubble telescope, alt-coins holders are wondering: "when will it be our turn?"
We can look back to Dec 2017 where Bitcoin hit its previous ATH @ 19.7K to determine when Ethereum (and co.) got their shot: a month after Bitcoin took off.
The similarities between ETHBTC then and now are oddly similar:
During Bitcoin's Dec 2017 peak, ETHBTC sat at .0265
During Bitcoin's Dec 2020 peak, ETHBTC sits at .0265
Where did ETHBTC go from there?
It gained 300% over the next few week to a tick under .1 (i.e. 10%)
ETHBTC during prev BTCUSD ATH
https://imgur.com/AMNHlMZ
I don't believe we see gains quite like that, but even a rally to the top of the 2020 ETHBTC growth channel would bring ETHBTC to .055 (i.e. 5.5%).
Note: the slope used in the current ETHBTC is really close to that of the 2018 rally, and matches the bounce from the bottom of the 2020 channel.
currentETHBTC
https://imgur.com/ZPla4BF
If we believe BTCUSD is to see a ~30% pullback from its peak of $24+K, we should see Bitcoin around 17K-18K.
We can then calculate where we see ETHUSD using this ETHBTC forecast.
Example:
Bitcoin @ 18K
ETHBTC @ 0.055
Ethereum @ $990
WIth that, I do think Bitcoin and ETHBTC have good chances of being higher than 18K and 0.055 respectively; and it's only proportionate that with Bitcoin outpacing it's previous ATH by ~25% that the other coins would as well.
I think an Ethereum ATH is on the table for January (disregarding all of the bullish news - ETH2.0, ETFs, CME, Microsoft, etc.)
I'm an idiot sandwich don't listen to me. None of this is financial advice, IDK what I'm doing and neither do you.
- EK69420
We can look back to Dec 2017 where Bitcoin hit its previous ATH @ 19.7K to determine when Ethereum (and co.) got their shot: a month after Bitcoin took off.
The similarities between ETHBTC then and now are oddly similar:
During Bitcoin's Dec 2017 peak, ETHBTC sat at .0265
During Bitcoin's Dec 2020 peak, ETHBTC sits at .0265
Where did ETHBTC go from there?
It gained 300% over the next few week to a tick under .1 (i.e. 10%)
ETHBTC during prev BTCUSD ATHhttps://imgur.com/AMNHlMZ
I don't believe we see gains quite like that, but even a rally to the top of the 2020 ETHBTC growth channel would bring ETHBTC to .055 (i.e. 5.5%).
Note: the slope used in the current ETHBTC is really close to that of the 2018 rally, and matches the bounce from the bottom of the 2020 channel.
current
ETHBTChttps://imgur.com/ZPla4BF
If we believe BTCUSD is to see a ~30% pullback from its peak of $24+K, we should see Bitcoin around 17K-18K.
We can then calculate where we see ETHUSD using this ETHBTC forecast.
Example:
Bitcoin @ 18K
ETHBTC @ 0.055
Ethereum @ $990
WIth that, I do think Bitcoin and ETHBTC have good chances of being higher than 18K and 0.055 respectively; and it's only proportionate that with Bitcoin outpacing it's previous ATH by ~25% that the other coins would as well.
I think an Ethereum ATH is on the table for January (disregarding all of the bullish news - ETH2.0, ETFs, CME, Microsoft, etc.)
I'm an idiot sandwich don't listen to me. None of this is financial advice, IDK what I'm doing and neither do you.
- EK69420
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