The Ethereum price surged to a record high as the market reacts to the surge in demand for the digital currency. ETH rose to an all-time high of $3,070, meaning that it has gained by more than 320% this year and by more than 1,400% in the past 12 months. Its market capitalization has also surged to more than $353 billion, according to data compiled by CoinMarketCap.
In the past few months, I have accurately predicted the future trend of Ethereum prices. Last month, I predicted that ETH was on a path towards $3,000. This happened when the price surged to $2,500 and then crashed during the recent sell-off.
Today, looking at the daily chart, we see that the ETH price has been on a strong upward trend. It has risen for the past nine consecutive days. This has seen it move to the upper side of the ascending channel that is shown in orange. The price is also being supported by the short and long-term moving averages.
Therefore, in my view, we will likely see a short pullback as some bullish investors take profit. This will see it decline by double digits as bears target the lower side of the ascending channel. Still, this decline will be a positive thing as ETH remains on course to hit $3,500.
James Richardson successfully shorted the 2008 market crash and is a Co-Founder of anytradefx.com. Widely known as a leading foreign exchange expert, James has more than two decades of financial market experience.
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