Crypto strategist and trader Scott Melker says that he believes Ethereum will ignite a meteoric rise and exceed even the most bullish expectations before 2021 expires.
In a new video, the trader says that Ethereum (ETH/USD) has broken out of a bullish continuation pattern after months of consolidation.
“As I said just the other day, I showed the target of $3,600 which I believe is actually somewhat conservative. How did I get that target? We have this massive bull pennant here… To get the target of the bull pennant, you measure the flagpole, that’s this entire move and you extrapolate that from the breakout to the top.”
Melker highlights that he believes Ethereum can soar way higher than his initial target.
“This move’s target is $3,600 but as I said, I think it can go much higher and I believe as a result of the network effect and overall bullishness, it can go as high as $10,000 even by the end of the year… I do not think it’s crazy at all. It’s a simple 5x from here. We saw Bitcoin do many multiples of that in one year.”
The crypto influencer is also looking at ETH/BTC, which he says has managed to end its month-long downtrend.
“We had this sustained downtrend all the way since February. A low here (0.29), a nice bounce which caused this descending resistance and then a bullish SFP (swing failure pattern), a wick below the previous low, finding a ton of liquidity, breaking that line, and now moving steadily ahead. Technically, we should see Ethereum returning to the highs of this move from February so right around 0.046.
We’re only at 0.033 now so that’d be quite a move but I think that it can go much farther.”