|-Ethereum (ETH) surged to a new all-time high of over $1,800.|
-ETH’s blockchain dominates the Decentralized Finance (DeFi) ecosystem.
-More so, the relative strength index (RSI) of the crypto is already at the oversold state.
Ethereum (ETH) surged to a new all-time high of over $1,800. Amid a continued drying up of sell-side liquidity in the cryptocurrency market.
ETH is the second-largest cryptocurrency by market cap. However, the new ATH surpasses the previous price hit of $1,761.35 on February 5. More so, Ethereum’s blockchain dominates the Decentralized Finance (DeFi) ecosystem.
Is ETH a good investment in 2021? Let’s find out in this ETH price analysis 2021 article.
ETH Price Analysis
Ethereum breaks its record as it hits an ATH price of $1,800. Due to the price hike, investors around the world are now closely monitoring the progress of the cryptocurrency.
In terms of trading volume, ETH trades an average of $45.6 billion per day. According to CoinGecko, the ETH price is at $1,753, at the time of writing.
ETH Price Chart (Source: TradingView)
The above graph shows the great performance of ETH over the last few days. If this continues, the cryptocurrency can be seen to run along with the bulls in breaking the resistance level of $1,828, which can lead towards a high price of $2,000.
In contrast, if the ETH price fails to maintain its position with the bulls, the crypto might break out of its bullish position and fall down along with the bears at the support level of $1,715. In this case, the crypto must find a way to recover quickly.
Furthermore, crypto markets are prone to rapid, sharp price changes. Conversely, the relative strength index (RSI) of the crypto is already at the oversold state. With this in mind, traders must trade with caution since Ethereum might soon trigger a major price reversal.