ETH's Satoshi Breakout. $5,000 Med-term

8 Des 2021

Ethereum is gaining in satoshi value. At the time of recording it's broken out of its local high of 8.17 million sats. $4,146 @ today's Bitcoin Prices (TBP). It is on track to hitting resistance not seen since February 26th 2018, 8.8 million sats. The last alarm was at 8.8 million sats, it had a USD price tag of $670. That was over 3 years ago. At today's BTC prices it would put ether around $4500 per coin. With demand from NFTs, DEFI and gaming added to a supply shock due to staking and burning gas fees, we are likely to see more price appreciation for ethereum. Both in BTC and USD terms. However, technical indicators point to overbought conditions in the immediate term. I believe that we are likely to see 8.17 million sats first (providing a possible by the dip opportunity) before buying pressures due to lack of supply forces the price up to accommodate the market. This could force the price as high as 9.9 million sats which is roughly $5050. This would break its USD all time high of $4867 by 3%. This would put in a healthy higher high in ETHs bullish price trend.