In my previous Ethereum post I mentioned that, after the wedge break out, $1700 would be the next important resistance. After hitting $1700 a couple of days ago, it seems that the price has been showing some signs of consolidation, ranging from $1650 to $1750.
The reason for this consolidation is the fact that a lot of investors are flocking to Bitcoin now. The price of BTC has been increasing rapidly, which in turn leads to a higher Bitcoin Dominance. An increasing Bitcoin Dominance is always bad for other crypto's.
However, I still believe that we're going to see a $2000 price for Ethereum soon. Compared to Bitcoin it has a lot more to gain. Therefore, my main target for Ethereum in the near future is $2000. Assuming Bitcoin won't crash anytime soon, we could see it happen in the next couple of weeks.
Happy trading!
The reason for this consolidation is the fact that a lot of investors are flocking to Bitcoin now. The price of BTC has been increasing rapidly, which in turn leads to a higher Bitcoin Dominance. An increasing Bitcoin Dominance is always bad for other crypto's.
However, I still believe that we're going to see a $2000 price for Ethereum soon. Compared to Bitcoin it has a lot more to gain. Therefore, my main target for Ethereum in the near future is $2000. Assuming Bitcoin won't crash anytime soon, we could see it happen in the next couple of weeks.
Happy trading!
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