Buy orders have continually accumulated behind Ethereum over the previous few days, suggesting a possible rate surge.
Ethereum Ready for New All-Time Highs
While Bitcoin prices are up more than 160% from their 2017 peak of nearly $20,000, Ethereum rates have underperformed. Ethereum has been secured a slow however consistent uptrend since mid-January that just recently saw it reach a new record high of $1,940.
Regardless of ETH’s uninspired rate action compared to other cryptocurrencies, it appears that momentum is building. ETH prices are roughly 37% higher than they were during their 2018 all-time high.
Charts Suggest Further Gains
Ethereum appears to have actually created an increasing wedge within the 4-hour chart. One trendline can be drawn around the swing highs while another appears to sign up with the swing lows.
This kind of technical formation is frequently thought about a turnaround pattern, however it may result in more gains given the marketplace’s momentum. An increase in upward pressure that presses ETH above the psychological resistance at $2,000 might be substantial enough to lead to a 33% breakout to $2,700.