Ethereum Breaks Out of an 18-Month Base

Louis Sykes
December 7, 2023

From the Desk of Louis Sykes @haumicharts

At this point last year, investors had convinced themselves there was no floor for cryptocurrency prices.

Everyone was losing money.

Crypto firms were blowing up right and left. 

People were letting fear dictate their decision-making process.

Do you remember it?

We certainly do.

On the day Bitcoin bottomed, we published a post discussing how market environments like those are incredibly advantageous for long-term holders to dollar cost average into more substantial positions. We concluded that post by arguing the following:

Some see red candles and fear.

I see Bitcoin sitting below everyone’s average cost basis and trading at historical extremes.

I’ll take the other side of their fear.

Fast-forward to today, Bitcoin's trading well into the 40,000s, and Ethereum has just completed a breakout from an 18-month base.

It doesn't get much more bullish than this:

The trade here is as clear as daylight.

Above 2,000, we can own Ethereum back to the old all-time highs of 4,800. That's more than a double from current levels.

In the shadows of red candles, we seized fear.

Now, with Bitcoin soaring and Ethereum breaking free, a relentless ascent toward new highs beckons with undeniable force.

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Thanks for reading and please let us know if you have any questions!

Allstarcharts Team

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