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Bitcoin (BTC) skyrocketed and hit its historic high again and again, with many investors missing the train. However, Ethereum (ETH) has not yet reached its historic high at the present high. It is possible that investors are viewing altcoin as a winning chance.
According to data from Glassnode, the number of addresses maintaining at least 0.1 ETH reached the historic maximum.
In addition, the possibility of Ethereum reaching $ 1,320 soon may be attracting investors. Thus, the metric reveals that investors are looking for at least a small exposure in ETH, awaiting potential gains. Senior strategist Aayush Jindal believes Ethereum could reach $ 1,320 soon. In reais, the level corresponds to R $ 7,035.60. At the time of writing, Ethereum is priced at $ 1,220.34, or R $ 6,496. For Jindal, the fact that Ethereum convincingly conquered the $ 1,200 area prepares the cryptocurrency to boost up to $ 1,320. However, not everything is clean from $ 1,200. ETH has two resistances at $ 1,220 and $ 1,250.
For the strategist, if altcoin fails to break these levels, the cryptocurrency may initiate a correction. In the event of a fall, the first support is at $ 1,180. Should Ethereum fail to hold, the drop could continue up to $ 1,125, or even $ 1,035.
In other words, even if the bull market presents options for gains, the risks remain. Just fail to break through an important resistance and everything can collapse. As technical indicators, Jindal mentioned the MACD and the relative strength index (RSI). The MACD is losing momentum in the bullish area, while the RSI is well above the 60-point level.
