Ethereum’s new all-time high is preparing ETH to move “further towards USD 5,000”

The cryptocurrency market woke up in high spirits on October 29 after the bulls managed to push Bitcoin (BTC) price near the USD 63,000 support zone and Ether (ETH) hit a new all-time high of USD 4,460.

ETH / USDT 4-hour chart. Source: TradingView

Here’s what analysts say about the market as Bitcoin finds support over $ 60,000 and Ether seeks to break new ground.

Bulls believe BTC could hit $ 90,000

The bullish moves in BTC and Ether triggered a moment of thought for the independent market analyst. Crypto_Ed_NL, who tweeted that “it seems I wasn’t optimistic enough at $ 40,000” when a target of $ 73,000 was given.

1-day chart of the BTC / USD pair. Source: Twitter
Ethereum’s new all-time high is preparing ETH to move “further towards USD 5,000”
Ethereum’s new all-time high is preparing ETH to move “further towards USD 5,000”

After considering recent moves, the analyst pointed out that the “The target has been moved to $ 90,000 and after a correction we should see $ 100,000.”

Regarding the exact impact of this scenario on the price of Ether, Crypto_Ed_NL released a follow up tweet that described how the price action could develop and stated a price target of over $ 6,000.

ETH / USDT 1-day chart. Source: Twitter

Crypto_Ed_NL said:

• You do not need to provide the usual disclaimers. I’m wrong if I’m wrong, but I would be very surprised if I’m wrong here. “

The $ 85,000 level is the next big hurdle for BTC

The crypto market research company More decentralized given a deeper insight into the Bitcoin price movement, who pointed it out The 14% pullback in last week’s BTC price from $ 67,000 This was due to “token margin leverage traders aggressively craving the final race for all-time highs and short breakout levels.”

According to Decentrader, Both long and short positions have felt the pain of the recent drop in prices after a total of $ 120 million in short positions was liquidated on October 20. The late longs also suffered $ 100 million in liquidations the following day.

1-day chart of the BTC / USD pair. Source: Decentrader

Now the price of BTC has “fell back to the failed rally point of May this year”, which is now “active support after a failed breakout”.

Decentrader said:

As a sign of the continuation of the upward trend over a longer period of time, we see the 128 DMA cross above the 200 DMA. In previous bull markets, price has seen a sustained rally after such crossings. On a technical, market cycle and on-chain basis, we continue to believe that the next major difficulty area for BTC will not come until we get closer to $ 85,000- $ 90,000.

Ether ready to continue at $ 5,000

Market analyst and Cointelegraph employee, MichaÃl van de Poppe presented a possible scenario of how the price movement of ether could develop in the near future.

ETH / USDT 1-day chart. Source: Twitter

van de Poppe said:

“Nice move from S / R (support to resistance) and probably ready to move further towards $ 5,000.”

The global market capitalization of cryptocurrencies is currently $ 2.666 trillion and Bitcoin’s dominance index is 44.2%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade move involves risk, you will need to do your own research when making a decision.

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