Since November’s start, crypto markets have been on the move. Today, a near incalculable number of tokens have rallied and reached swing highs. Ether (ETH), which broke above $4500, and Bitcoin (BTC) reclaimed the $64,000 mark. Polkadot’s (DOT) reached a new all-time high, as investors accumulate tokens in preparation for the parachain auctions.
As part of the transition to Eth2, the Ethereum beacon chain was updated to Altair. This is part of an update to the Ethereum beacon chains that includes a proof of stake mechanism. More than 8 million Ether have been removed from circulation and staked into the Eth2 contract.
Cointelegraph Markets Pro and TradingView data show that Ether prices have risen 62.54% since Sept. 29 when they were at $2,780. This was just over a month after Ether traded at a low of $29,780. On Nov. 2, Ether prices reached $4,523.
1-day chart of ETH/USDT Source: TradingView
Here are some thoughts from traders and analysts about Ether’s recent price action and where it may go in the coming months.
ETH could be an “impulse wave” that takes the price to $6,000
Cointelegraph contributor Michael van de Poppe posted the following chart, which estimates an “impulse movement” of $6,000 to $6,000. This could take place sometime between November 2021, 2022, and January 2022.
Chart for ETH/USDT 1 day. Source: Twitter
van de Poppe said,
“Ethereum impulse wave target may be $6,000
Nalysts anticipate “another breakout soon.”
Options trader John Wick, a pseudonymous Twitter user, warned profit-takers that there was a possibility of another Ether breakout.
Chart for 1 day ETH/USD Source: Twitter
“Ethereum continues making new ATHs. All those who have waited so long with us deserve it. Technically, we have another squeeze shading. Keep an eye out for another breakout!
Related: Ethereum price reaches a new high of $4,500 as Bitcoin retakes $64K
2017 fractal points up to $14,000 ETH
Matthew Hyland, an on-chain analyst, offers a final perspective that compares Ether’s price action in 2017 to the current market structure for ETH.
#Ethereum just got started… The extreme move is coming $14,000+ pic.twitter.com/5XSYoxAJ6F
Matthew Hyland (@Parabolic_Matt), November 1, 2021
Hyland suggested that if the fractal pattern is true, there could be a rally to at least $14,000 in the next 2 to 3 month.
The total cryptocurrency market is now worth $2.728 trillion, and Ethereum has a dominance rate of 19.4%.
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