• Written by: John-Paul
• Fri, 03 Dec 2021
•   Russian Federation

Despite the general negativity around Ethereum, the price can’t stop skyrocketing. And if 2017 teaches us anything, it’s gonna keep skyrocketing… Covered: Ethereum Downs And Ups 2017 Bull Run Comparisons Ethereum Downs And Ups Let’s be honest. Things haven’t been great for Ethereum (ticker symbol: ETH) of late. ETH 2.0 is perpetually delayed. The gas […] The post We Need To Talk About Ethereum, And How Its Going To 13k appeared first on CryptosRus.

We Need To Talk About Ethereum, And How Its Going To 13k

Despite the general negativity around Ethereum, the price can’t stop skyrocketing. And if 2017 teaches us anything, it’s gonna keep skyrocketing…

Covered:

• Ethereum Downs And Ups
• 2017 Bull Run Comparisons

Ethereum Downs And Ups

Let’s be honest. Things haven’t been great for Ethereum (ticker symbol: ETH) of late.

ETH 2.0 is perpetually delayed. The gas wars never seem to cease. And Ashton Kutcher might have rugged his fans. There’s just not a lot of positive vibes surrounding the OG smart contract protocol.

However, it’s not had much of an effect on the price.

Ethereum is currently trading in the $4,600 USD as of press time. Compare that to last year on December 3rd, when ETH traded in the 615 range. Overall, ETH is up 650% on the year. Compare that to its dad, Bitcoin, which is only up a paltry 194%.

The best part: ETH isn’t even close to being done.

Recommended: Will Ethereum Get A Spot ETF Before Bitcoin?

2017 Bull Run Comparisons

“Ethereum has continued to display very similar macrostructure to the 2017 run,” says technical analyst TechDev.

If you recall Ethereum went crazy back in 2017/2018. ETH rose from $467 on December 7th, to almost $1400 on January 12th. Something similar is happening right now.

TechDev pointed out how the 2017 and 2021 Ethereum runs suddenly switch directions in the same manner: “Both saw with a strong run-up into spring, with a large subsequent correction. An initial rejection at the ATH then followed with an eventual break past.”

“Now we are seeing a retest of that former ATH which so far looks successful and quite bullish,” he added. Unlike Bitcoin, Ethereum appears to be staying its 2017 path, and heading for a similar blow-off top.

“2017 ETH topped near its 4.236 extensions from local high to local low. Given the numerous structural similarities, ~13K at the 4.236 seems a reasonable top target for ETH this cycle,” TechDev said.

Seems “reasonable,” for sure considering the similarities. I’ll take it.

Recommended: Ethereum Flips JP Morgan In Total Market Cap; Is Bitcoin Next?

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For more TechDev, make sure to check out his newsletter. Also, follow him on Twitter for the latest, greatest technical analysis.

The post We Need To Talk About Ethereum, And How Its Going To 13k appeared first on CryptosRus.