Ethereum (ETH) is among the most popular names in the world of cryptocurrencies. With a market cap which comes in second only to Bitcoin, Ethereum offers a promising technology with a long term vision in mind and a visionary (Vitalik Buterin) leading the charge. While the past few weeks had been a lull phase in the cryptocurrency markets, it looks like Ethereum is leading the recovery as the currency is eyeing at a new all-time high.
Having hit the $1,325 mark earlier this year as a new all-time high, Ethereum is currently priced in at $1,225 and is just $100 shy of crossing the previous record. Ethereum has proven to be a resilient cryptocurrency which has the capacity to steadily bounce back from a major collapse.
After reaching this all-time high mark, Ethereum was met with a market correction following which the price started to fall. The prices took another hit when the markets entered a period of extended slowdown – the ‘bloodbath’ phase. However, it now appears that the currency has fully recovered as it has bounced back and is moving towards a new all-time high.
This market slowdown had affected the prices of all cryptocurrencies, including Bitcoin. Almost all currencies are now at a better position than they were during the bloodbath phase. The collapse of Ethereum’s price during this market bloodbath created the perfect opportunity for bullish investors to enter the markets. Given that the market conditions remain the same – Ethereum is expected to reach a new all-time high over the next day or two!
Ethereum’s rise isn’t quite surprising as we have been expecting the cryptocurrency to rise in price for quite some time now. Etheruem has been leading the market recovery as it aims at that new all-time high. As per our technical analysis of Ethereum price for January Week 4, we expect ETH to reach a high of $1475 in the near future.