Cryptocurrency Analyst Predicts Ethereum Breakout to Hit $3,285!
(Photo : Screenshot From Pexels Official Website) Cryptocurrency Analyst Predicts Ethereum Breakout to Hit $3,285!

Cryptocurrency used to be a bit shady for the public to take notice of but due to larger personalities like Elon Musk not only showing interest in cryptocurrency but also investing in it, the tides have changed. One of the more popular cryptocurrencies, Ethereum, has been gaining a lot of attention lately as prices break out at $2,000! On the other hand, Bitcoin is now expected to potentially hit $83,000!

Ethereum Price Prediction

Jacob Canfield, a crypto trader and analyst for signalprofits.com, gives a prediction on Twitter noting that the current trendline is supported with horizontal SR. There are nice sweeps of lows and liquidity still with a strong bullish engulfing.

Ethereum, especially, is strongly holding on to a key trendline support going along with the daily SR level on a positive 61.8% fib. The analyst then noted that if ever Ethereum really breaks out, he then expects that it would reach $2,650/$3,285 targets.

Bitcoin Price Prediction

Bitcoin, on the other hand, was estimated to top the bull cycle at $81,800 with a range of a whopping $78,000-$83,000. The cryptocurrency analyst then noted that it was derived using certain non-linear regression brands as well as the 76.01 Canfield Fibonacci extension confluence as its indicators. 

Ethereum vs Bitcoin

Of course, the thing about cryptocurrency is that it is very volatile and that predictions made regarding its value are still to be taken with a grain of salt. With the fibonacci sequence as an indicator, however, Ethereum prices do show a possibility of hitting those target numbers if everything were to go smoothly.

Of course, this still highly depends on the market's perception. As of the moment, more people are slowly looking towards cryptocurrency as a legitimate investment instead of the internet money taboo it once was. Aside from Bitcoin, Ethereum is another cryptocurrency that is getting more popular and has even been referred to as more stable in comparison to Bitcoin.

Is Ethereum Safer Than Bitcoin?

While there are thousands of other cryptocurrencies out there, fxempire notes that Ethereum is more stable in comparison to Bitcoin. The article, although, did its analogy based on data back in 2020, ajd still noted that the less aggressive volatility of Ethereum makes it a relatively safer cryptocurrency to invest in in comparison to Bitcoin.

Of course, it does not mean that because Ethereum might be showing less volatility, it is safer than Bitcoin. Ethereum itself still includes a level of risk that traders will have to be able to stomach if they really do decide to invest in this cryptocurrency. While the value of Ethereum and Bitcoin might be very far from each other, both of them are still very volatile in comparison to other fiat currencies like the USD or other stocks like what happened with GameStop.

Read Also: 'Ethereum vs. Bitcoin:' Ethereum Reaches $2,000 All Time High Record; Bitcoin Expects to Hit $80,000 by End of April

Ethereum Price chart

Jacob Canfield also provided a chart that supported his estimations but it is very important that traders and investors do their own research as well. For those really wanting to get into cryptocurrency trading, it is important to learn how to do research and become familiar with the right indicators which can be used to show how exactly is the Ethereum price moving.

 

Related Article: Terry Crews Creates Own Cryptocurrency $POWER: Here's Everything You Need to Know

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Written by Urian Buenconsejo

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