Source: Yahoo Finance
As the price of Bitcoin surged to hit $23,000 yesterday, other currencies followed in this pattern. ETH/USD was seen to hit a new annual high of $655. It broke through the x-axis of an ascending triangle pattern.
Analyst estimate that hitting the $800 level is possible, if the triangle trend is sustained. Should ETH/USD hit the $700 level, a journey upwards to $800 is validated.
However, analyst has also cautioned that an oversold condition could very well stop the bulls in its track. The Relative Strength Index (RSI) at time of writing is at 47, after having dropped from the present day high of 83.
It appears that the cryptocurrency family is riding on the ‘Fear of Missing Out’ (FOMO) rally that is juiced up by the fact that Coinbase, the largest cryptocurrency exchange in the world has confidentially filed for an Initial Public Offering (IPO).
Even the rising price of their nemesis, gold as well as the climbing Initial Jobless Claims that came in at 885,000 this week does not seem to be stopping these cryptocurrencies in their tracks.
However, positive progress in the Brexit and the U.S. stimulus negotiations could very well be a catalyst to buck this trend.
ETH/USD (as of Dec 18, 2020, 10.04 a.m., GMT +8) - $ 645.44
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