Ether breached past the $2,000 level on Friday, stretching a four-day winning rally. The cryptocurrency was changing hands at $2,004 at 07:30 UTC, the level it last hit on Feb. 20, climbing 4% over the previous 24 hours, figures by CoinDesk 20 show.
Ether prices have advanced almost 20% this week following Visa’s decision to facilitate crypto-based settlements on its network.
Visa announced it is working on a platform to facilitate transactions in stablecoin USD Coin (USDC) over Ethereum with its partner Crypto.com.
Strong technical market structure
Although ETH/BTC witnessed a robust technical breakout, the uptrend has been propelled by firm fundamental catalysts, lifting the short-term bull case for the crypto.
According to “Rekt Capital,” the pseudonymous trader, Ethereum, was close to breaking out of its triangle market structure several times since January this year.
Another well-known pseudonymous trader known as “Rookie” similarly disclosed the technical market structure of Ethereum looks optimistic.
“Ether has outperformed bitcoin in every May till date,” Coindesk quoted Timothy Peterson, an analyst at Cane Island Alternative Advisors, as saying in a Twitter chat.
Ethereum price will keep soaring, analyst says
Ether’s daily chart indicates a symmetrical triangle breakout. The pattern suggests that the multi-week consolidation of the crypto has ended, and the broader uptrend has resumed.
The ETH/BTC pair stagnated since early this month, even when bitcoin saw a solid uptrend to about $60,000.
According to Crispus Nyaga of InvestingCube, in his view, based on his recent prediction, “Ethereum price will keep rising as bulls target the important resistance level at $2,500. This will likely happen in the second quarter of the year.”
Ethereum price, looking ahead in the second quarter, will react to the performance of the US bond market and the US currency. A stronger greenback will likely result in a more sluggish Ethereum because the two have an inverted relationship, Nyaga added.
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