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11.01.202108:04 Forex Analysis & Reviews: Ethereum soared 30% and followed by another pullback

The leading cryptocurrency served as an example and inspired the second one. The price of the virtual asset, Ethereum (ETH), has risen by 30% for the last two days. Experts are confident that this is not the limit.

On January 10, the price of Ethereum soared by 30%, that was, to $ 1,348. Experts believed that this happened for the first time since January 2018. The second digital asset approached the all-time high of $ 1,440, which was recorded three years ago. Today, January 11, ETH pulled back to lows again after an encouraging rally. It traded around the level of $ 1,120 this morning, making the market disappointed. Nevertheless, many crypto investors are optimistic, expecting Altcoin to further rise.

Ethereum's market capitalization currently exceeds $ 152 billion. Its price declined to critical $ 86 in March 2020, but steadily rose afterwards. In early September 2020, the second cryptocurrency peaked above $ 488 and then fell to $ 300. According to experts, the price of Ethereum has grown by an impressive 1467% for the past 10 months.

The possibility of another rally in the digital asset, which can lead to another price growth, gives hope for crypto investors. Ethereum's first significant rally took place between August 2015 and June 2016. During this time, its value managed to sharply rise by 4200%. Analysts say that this was followed by a 72% decline. Experts consider this period to be the first significant market cycle for Ethereum, as it has formed its first all-time high at this time.

The next notable ETH rally started after December 2016 and lasted for almost 400 days. This resulted in a fairly high rate of price growth. The second digital asset strengthened by an impressive 26,840%, and reached a record high of $1,594 in January 2018. However, crypto market experts still consider this peak to be the limit of Ethereum's potential, as it has not yet managed to break through it.

After that, the third rally began in December 2018 and continued in 2021. During this period, the ETH's price soared by almost 1500%. Analysts consider the current rally the longest in the history of the second cryptocurrency. Unfortunately, the problem is the fact that Ethereum's price growth rates remain the weakest in recent years.

Experts say that ETH will peak at $ 3200 if the market continues to rise, however, its current decline hinders crypto investors to expect such results. In any case, there is still a probability of a favorable development of events, albeit low. Currently, Ethereum is among the top 100 valuable assets in the world, ahead of such large companies as SoftBank, Wells Fargo, Morgan Stanley, Citigroup, etc.

Larisa Kolesnikova,
Analytical expert of InstaSpot
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