Ethereum is doing better than Bitcoin this week, while the rate has climbed above $ 3,000. This broke the ETH/BTC trading savings above its 200-day average, and managed to break a three-year-old trend the Relative Strength Index (RSI). Is there a structural reversal?
Ethereum to $ 18,205 in the long term
According to Merlijn The Trader, Ethereum stands for a very strong period. He published a so-called fractal analysis, in which he suggested that Ethereum can do a similar path according to as Bitcoin from 2018 to 2021.
Those predictions mean that Ethereum can rise by 1,110 percent in a so-called “vertical phase from the April bottom of 1,550.” That would bring the Ethereum race to $ 18,205.
The analysis of Merlin shows the pattern of a correction of 63%, followed by a recovery rally of 342%. With this, Ethereum is currently reflecting Bitcoin’s price behavior during the previous bull market.
This thesis from Merlijn is getting even stronger thanks to the recent recovery of Ethereum of 100% since the second quarter has started. That points to the initial phase of a fractal outbreak.
Don’t be crazy
Although this pattern looks very interesting, it is crucial to say that fractal analysis is extremely speculative. It is not supported by empirical or any scientific validation.
Despite these limitations, the historical parallels provide continuous support for optimism among people who are bullish about Ethereum.
Daan Crypto tackles it all more technically, and says that the next target for Ethereum is at $ 4,000. That is the next target for Daan, who does not yet count on an all-time high.
Source: https://newsbit.nl/ethereum-houdt-3-000-vast-klaar-voor-verticale-stijging-van-1-100/
