{"id":566731,"date":"2021-05-05T12:08:27","date_gmt":"2021-05-05T09:08:27","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566731"},"modified":"2021-05-05T12:08:27","modified_gmt":"2021-05-05T09:08:27","slug":"ethereum-could-see-a-new-round-of-growth-to-4-5k-5k-report","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereum-could-see-a-new-round-of-growth-to-4-5k-5k-report\/","title":{"rendered":"Ethereum Could See a New Round of Growth to $4.5k – $5k – Report"},"content":{"rendered":"
The second most valuable digital asset of Ethereum (ETH)<\/a>, has broken the $3k ceiling<\/a> with incredible momentum and posted a new all-time high of $3,527.<\/p>\n However, and according to market analysis by the team at Crypterium, Ethereum will most likely undergo a short-term pullback as a result of a head and shoulders pattern on the 4-hour chart. Additionally, several indicators are also pointing towards an overbought scenario.<\/p>\n An excerpt of their analysis<\/a> can be found below.<\/p>\n Sellers began to put pressure on the market when the chart approached the $3,400 \u2014 $3,500 range. They pushed the price down to the $3,200 level…All this led to the formation of a head and shoulders pattern, which is a classic uptrend reversal pattern.<\/p>\n …a correction in the Ethereum price is now more likely than a new round of growth. We expect to see the price decline [to]\u00a0the $2,900 \u2014 $3,000 range.\u00a0The Bollinger average line comes into the same range, to which the price often descends after strong growth.<\/p><\/blockquote>\n The analysis goes on to conclude that the pullback to the $3k range will be temporary as Ethereum is poised for a new round of growth towards $4,500 or even $5,000<\/a>.<\/p>\n The journey to $5k is possible given that Ethereum has outperformed Bitcoin in the first two quarters of each year since 2016. Furthermore, the month of May is usually a big one for Ethereum as highlighted by Timothy Peterson<\/a> of Cane Island Alternative advisers through the following statement<\/a> and accompanying chart.<\/p>\nETH’s Pullback Will Be Temporary, Leading to a New Round of Growth to $4.5k – $5k<\/h2>\n
Ethereum Usually Outperforms Bitcoin in May<\/h2>\n