Ether’s prior high at $2,500 was overwhelmed by buyers on Tuesday, and a measured move price projection of $3,020 is within reach, according to Stockton.
The move in ether to record highs comes after a volatile week for bitcoin, which fell more than 20% to below $50,000 before surging more than 10% to about $55,000.
If ether’s breakout fails to hold, it can “follow the lead of bitcoin and test its 50-day moving average, which would also mark a test of its breakout point,” Stockton said.