On June 4th, I wrote about the massive upside potential that Ethereum (ETH) possesses.
At the time, the cryptocurrency was trading at $240.
Given today’s price of $462, those who invested then are enjoying a 92% gain.
I should note that I was buying ETHUSD between May and July when it was just over $200, as I announced in the DPA member’s area.
I haven’t liquidated any of my position and won’t for some time.
As for the price action, ETHUSD recently broke out from a symmetrical triangle on the intraday charts.
I mentioned this structure yesterday on Twitter.
However, the significance of a break above the $450 area extends well beyond the intraday charts.
Get Instant Access to the Same “New York Close” Forex Charts Used by Justin Bennett!
Notice the trend line in the chart below that extends from Ether’s all-time high.
Also note how this trend line is similar to the one that broke in late May.
That May breakout is the one that I mentioned several times on this website.
If ETHUSD can close the week above $450, it could send the cryptocurrency on another massive rally, this time to $800.
Just keep in mind that cryptos have entered a new cyclical bull market, as I mentioned on June 22nd.
With that in mind, ETHUSD is likely going well above even $800 over the next 16 months.