The significant price correction at the beginning of the week only pushed the prices of Ethereum (ETH), Litecoin (LTC) and IOTA (MIOTA) south for a short time. All three analyzed altcoins are currently tending towards their highs for the year.
The MIOTA price in particular shows significant upside potential
After the price of Ethereum had to cope with significant price drops at the beginning of the week and corrected to USD 930 at short notice, bullish investors came back to the market. The ETH price rose by 32 percent in the last 4 trading days to currently USD 1,217. This enabled the second largest cryptocurrency to avert a major correction and defend the USD 1,000 threshold for the time being.
Bullish variant (Ethereum):
The Ether courses continued to be strong and were able to defend the EMA20 (red) several times on a daily basis. If the ETH price rises back above the 161 Fibonacci extension at USD 1,303 and can subsequently also dynamically overcome its annual high of USD 1,348, an increase to the all-time high of USD 1,425 is to be expected. If there are enough follow-up purchases and the ether price jumps above the all-time high of USD 1,425 per day’s closing price , a follow-up increase to the 200 Fibonacci extension at USD 1,591 is likely. If this resistance can also be overcome, a price increase to the 261 Fibonacci extension at USD 2,057 can be expected in the coming weeks.
An interim course correction to the previous all-time high is to be expected at this strong resistance. From this price level, a further increase to USD 2,057 is to be expected. If the USD 2,057 is subsequently broken through, the next target price will be activated at USD 2,811 (Fibonacci 361 extension). If the demand for Ethereum remains high in the coming weeks and months and the ETH price surpasses USD 2,811, the way is free in the direction of the derived price targets at USD 3,277 and USD 3,565.