Ethereum Leading the Cryptos Now, Heading Towards $ 1,700

Ethereum continues to make higher highs, as buyers remain in charge

Written by: Skerdian Meta • Thursday, February 4, 2021 • 1 min read

• Last updated: Thursday, February 4, 2021

Bitcoin has been the leader in the cryptocurrency market since the beginning, and it remains the most valuable altcoin. It also led the surge in the crypto market last year, climbing above $ 40,000 by the first week of January.

But Bitcoin retreated lower after that surge. It remains bullish, trading at around $ 37,000, but it hasn’t made any new highs for about a month. Ethereum, on the other hand, has been making higher highs throughout the last few weeks.

It first broke the 2017 high at $ 1,420 in the last week of January, as buyers continued to push higher, but it went through a small pullback lower, although the 20 SMA (gray) turned into support on the daily chart, helping buyers.

This week, Ethereum traders have given the crypto another push to the upside, with the price climbing around $ 400 so far. So, Ethereum remains really bullish, and the next target is the $ 1,700 level. We will try to buy Ethereum, but we will wait for a retrace lower, then we will probably go long at the 20 daily SMA, if it retreats down there.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.