Ethereum investors are optimistic, speculating that, similar to Bitcoin‘s potential rise to $1 million by 2030, Ethereum may also hit $100,000. This long-term vision prompts a closer look at Ethereum’s price patterns, particularly short-term variations that could indicate future growth.
What Recent Price Trends Reveal?
Ethereum’s recent performance shows it has crossed its 200-day moving average—a key metric for market watchers. Analyzing the past five years provides insight into how the cryptocurrency has reacted when this average is surpassed.
How Has Ethereum Performed Historically?
After peaking in 2018 at $1,400, Ethereum suffered a dramatic decline to approximately $150. In mid-2019, it rose to around $340 after breaking through the 200-day average but quickly fell below it again. The pattern continued, with significant fluctuations observed in 2020. By November 2021, it reached a record high near $4,800, only to decline during the crypto winter.
Ethereum’s price hit a low of around $1,000 but began to recover in January 2023, closing above $1,300. By April, it peaked at $2,000 before experiencing another drop. As of October 2023, it surpassed the 200-day average again, reaching a new high close to $4,000 by March 2024.
Key Insights:
- Ethereum has surpassed the 200-day moving average five times in the last five years.
- During crypto winters, it has shown gains of at least 50% and an impressive 2700% during bullish periods.
- If Ethereum maintains its momentum above $3,000, potential price targets could range from $4,500 to $7,000.
With its recent upward trend, Ethereum’s trajectory suggests it could be on the brink of significant price movements, enticing many to keep a close watch on its next steps in the market.