Ethereum is the first Turing-complete cryptocurrency, putting it in a unique opportunity to completely swallow all contracts.
After taking an initial hit when the crypto markets crashed in late 2017, it seems to be poised for huge growth.
Expect highs of $2,000 or greater over the next year.
After sky-rocketing to the second largest cryptocurrency of all time by market cap in 2017, many Bitcoin investors were caught with their pants down at this unexpected and rapid growth shown by Ethereum.
Many users thought it had finally reached an all-time high after hitting $1,000 in early 2018, yet even so, it continued to climb until it eventually hit $1,400 and crashed shortly thereafter.
Yet, technical and fundamental analysis reveals that Ethereum is far from done on its trajectory upward. While it has suffered a recent drop by nearly 75% over the past four months, the analysis indicates that it may finally be time for a roaring surge upwards to $2,000 and beyond.
Technical Analysis
Source: Author’s Coinigy AcctMany crypto bulls were distraught upon noticing the descending triangle pattern start to emerge over the past several months. These fears were quickly dissolved, however, once Ethereum showed signs of a hard breakthrough of the descending trend line in mid-late May.
As many of you know, this is perhaps confirmation that Ethereum’s bear trend has come to an end. According to this indicator, Ethereum bulls have now taken over, and if past cryptocurrency bull markets are any indicator of the future, we’ve got a long ways to go before we hit a top.
What’s more is that the support which Ethereum hit at around the $400 level has held strong for nearly 11 months. While it was previously a resistance starting in June of 2017, it quickly turned into a support during the start of the cryptocurrency bull market of 2017 and has since held up strong.
Read more at: Seeking Alpha
