The top altcoin has surged over 14% over the last week to $1945.42. This is the highest price ETH has reached since its Feb ATH at $2042.98. Although ETH dipped after falling to breach the $2,000 barrier, the altcoin once again pushed upward to form a Cup and Handle pattern.
Of note, the cup and handle pattern is a bullish indicator. As such, one analyst predicts it shows that ETH could soon surge to $2500.
In addition, Simon Dedic, Managing Partner of Moonrock Capital, tweeted,
Many have shown support for this tweet, with almost 4,000 likes and 500 retweets. However, many altcoin fans are curious to know which coins ETH is likely to drag up with it. Several altcoins have set new ATHs since the start of the year, leading many to believe that 2021 will be altcoin season.
Notably, Moonrock Capital is a London-based blockchain and an advisory firm partly known for its early bet on Polkadot. In a recent Forbes interview, the firm was even credited as a key driver of Polkadot’s success via its Polkastarter fund.
This article first published on coinquora.com
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Source: Cryptocurrency - investing.com
