HomeTradingEthereum and Chainlink each post double digit gains by percentage

Ethereum and Chainlink each post double digit gains by percentage

Ethereum gains

Ether bulls can finally rejoice as ETH broke overhead resistance at $3,500 and has little between it and $4k. Ethereum continued with the recent macro trend of reaching session highs or lows into the daily close with a session high of $3,842 only minutes before closing Wednesday’s candle.

Ethereum dominance now accounts for 19.5% of the aggregate crypto market capitalization.

There are countless variables in crypto to account for but Ether is outperforming bitcoin at a rapid clip and ETH’s fractal is looking increasingly like the 2017 bull market.

If Ether does follow the 2017 cycle and major upside is forthcoming then $7,500 could be the first target above. A secondary target of $10k followed by $20k could be reached if history repeats.

You can see on the chart above from IvanLabrie the similarities to the last major crypto cycle and the current one traders are immersed in now – the chartist posits that traders are currently near November 2017’s setup on the chart.

Ether is +674% against the U.S. dollar over the last 12 months and +92.96% against BTC over the same timespan.

ETH’s 24 hour price range is $3,382-$3,842 and the 7 day price range is $3,092-$3,842.

Ethereum’s 52 week price range is $320-$4,352. Ether’s average price for the last 30 days is $3,159.

Ether closed Wednesday’s daily candle worth $3,842 and in green figures for the third consecutive day.

Chainlink Analysis

LINK’s price action has cooled over the last 12 months but the fundamentals and the technicals may be better than ever.

Chainlink really led the bull market in many ways during the Summer of 2020. However, despite unparalleled development and progress in the ecosystem the price hasn’t performed as well in 2021.

Over the last 12 months LINK is +82.25% against the U.S. Dollar, -54.72% against BTC, and -76.58% against ETH.

With only the final third of 2021 left, where is LINK heading?

The below chart from harisonhbn9718 shows Chainlink officially broke out of its pattern to the upside and the next target is the $35 level. Above the psychological resistance of $30 the measured move on Chainlink’s daily timescale may take the price above $40.

Chainlink’s 24 hour price range is $26.10-$29.80 and the 7 day price range is $24.27-$29.80.

Chainlink’s 52 week price range is $7.61-$52.35 and it’s 30 day average price is $26.08.

Chainlink closed Wednesday’s daily candle worth $29.75 and +11.31% for its second consecutive close in green digits.

R.L. Bryer
R.L. Bryerhttp://bryer.io
Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.