Major news: the price of Ethereum is breaking out. It took half a year, and many thought it would not happen, but it is happening right here right now: Ethereum is on its way to meet InvestingHaven’s price target of 1000 USD, before 2020.
Let’s get things straight: this cryptocurrency bull market is far from over. At least that is what InvestingHaven says.
If you would be listening to whomever and whatever is told on the internet you would NOT have resisted the seduction to sell your Ethereum over the course of the last 6 months, there were plenty of occasions. Just to illustrate this:
Our friends at Business Insider (seducing investors to sell already in July):
Mati Greenspan, a market analyst with trading platform eToro, told Business Insider over the phone on Tuesday morning that the crash has been “a long time coming.”
“Anything that goes up that far, that fast has to have some sort of correction,” Greenspan said.
Greenspan said: “Currently on the mind is ICOs. We’ve been seeing a lot of money get ridiculous amounts of money.”
Our friends at Seeking Alpha wrote in September this destroying report China Bans ICOs: Will Ethereum Crash?:
If Chinese investors leave the ICO market, this could destroy demand for Ethereum.
Or what about CNBC’s report in September:
Ethereum plunged more than 20 percent in Monday trading.
Ripple effects from a flash crash on one exchange last week was a driving force behind the drop.
Unsubstantiated rumors about the digital currency’s founder contributed to the uncertainty.
Who stood strong, and focused on Ethereum’s chart and fundamentals? The probability that you as an investor got seduced to sell was way higher than holding or even adding to your positions.
At InvestingHaven we stood strong with your price target of 1000 USD. Look at what we wrote:
- Will Ethereum break through 325 USD ? : In September we identified some price levels which had to be respected, and they stood strong.
- Why 125 USD is critical to Ethereum’s bull market : In July we pointed out that 125 USD had to be respected, as a price level, in order for Ethereum to continue its bull market, which it did.
- The 2nd Ethereum price crash of 2017 : in September we analyzed the price crash of Ethereum and concluded this:
On the other hand, if $155 would hold, we would see a new trading range on the chart, with $155 as support and $400 as resistance. That would not necessarily be a bad thing for Ethereum, it would just suggest that Ethereum needs to get to the next level, not only in price but also in terms of usage and real-life applications.
Our long term Ethereum Price Forecast Of $1000 is still valid, but, as said in the article, this is the forecast between now and 2020.
So, here we find ourselves today, after Bitcoin’s spectacular rise, leaving Ethereum behind, with a triple top breakout in Ethereum. Ethereum is breaking through the previous two tops as seen on the chart.
Why are we convinced that this breakout will sustain, and that Ethereum is on its way to 1000 USD? Simple, look at the chart setup. Momentum and strenght has been building in recent months which is how we read that last rounded bottom (as opposed to the sharp v-shaped first two bottoms).
We are glad we stood strong to our belief and chart interpretations, and that we briefed our readers correctly!