Investors should remain attentive to movements involving the Ether cryptocurrency. Analysts predict that the Ethereum network asset could approach its all-time high, registered only in 2016. The cryptocurrency recently recorded some lows against its trendline.
Nonetheless, crypto market experts say this could change if the currency maintains its basic support levels. Recently, CryptoBullet observed the formation of a bottom on the ETH/BTC chart. This would be a similar pattern to that recorded in Ether's best moment, registered at the end of the year 2016.
The rise in currency recorded at that time was 2,783%, generating impacts for the following months. Another factor that contributes to this possible appreciation of Ether is the large daily volume of on-chain transactions that, in profit, overcome transitions to the detriment of the currency.
An audacious rise
At the moment, a growth spurt of 2,783%, how is there 8 years, would be the equivalent of US$ 66 mil, an unrealistic prediction for crypto. But, a fraction of this historic brand, would still be relevant to the investment portfolio. For realistic projection, it would be essential to transform US$ 2,700 in support, breaking the current ether consolidation.
Reaching the objective would represent a jump of US$ 2.546 of the currency, maintaining the Ether trend line at the high established in September and setting a new target of US$ 3 mil. If the ETH/BTC chart indeed forms a bottom, This would help to maintain a sustainable increase for the coming months.
Negotiation will define projections
Even if you repeat the same numbers of 2016 is unlikely in the current scenario, analysts argue that the currency deserves investors’ attention. In consolidation phase, Ether trading today is between US$ 2.700 e US$ 2.340. The market does not foresee this pattern breaking in the short term.
But, how currency investors find themselves in profit, This could represent breaking support of the current crypto consolidation. Good projections, nonetheless, may not occur if Ether loses its support at the uptrend line, remaining in US$ 2.340.
