Ethereum sees 2020 high as analyst forecasts rally to $1,000

Ethereum price surged to a new 2020 high of $670 following Bitcoin’s remarkable jump to highs of $22,500

Bitcoin’s surge to $22,500 might be attracting all the attention of the cryptosphere, but while BTC hitting a new high is the top news for crypto, Ethereum (ETH) has quietly made positive moves of its own.

In the past 24 hours, ETH/USD has touched highs of $670, with the bullish outlook likely to strengthen further to see bulls target a rally to $1,000. Above this level is the all-time high of $1,432.

At the time of writing, Ether price is trading around $664.

ETH/USD daily chart. Source: TradingView

The positive sentiment around Ether prices coincided with the Chicago Mercantile Exchange (CME) revealing that it was seeking regulatory approval to offer ETH futures contracts earmarked for launch in February 2021.

Just like what happened with Bitcoin in 2017, the launch of Ether futures contracts on CME could be pivotal for a potential bull run.

According to crypto analyst Altcoin Sherpa, the Ethereum price could soon soar past $1,000 if the cryptocurrency’s market action mirrors the previous three years’ December months’ rally.

Chart suggesting ETH/USD rally to $1k. Source: Altcoin Sherpa

ETH/USD technical perspective

Ethereum price is trading higher after breaking the main resistance levels around the 61.8% Fib level ($610) and then at the 78.6% Fib level ($628)—the hurdles formed during the upside from $535 low to $657 high.

A break above $660 has seen ETH price come close to retesting the $680 resistance zone. At the moment, bulls are also strengthening above a descending triangle pattern recently formed on the daily chart. Success in the short term will likely allow them to build a fresh upside move that could take ETH/USD to the $739 resistance level.

On the downside, if the price falls below the $630 support level, downward pressure could push it to $610 and then to $585.  Below these price levels, Ether bulls have strong support at the 50-SMA ($515), 100-SMA ($442) and 200-SMA ($339).

ETH/USD hourly chart. Source: TradingView

On the hourly chart, ETH/USD is trading above the 100-SMA ($597), with an upturned RSI indicator suggesting momentum is with the bulls. As such, buyers can easily absorb the losses of a potential downswing to $600 before surging to hit the projected highs of $1k.

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