Ethereum Set New All-Time High After Three Years

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Ethereum launches crucial Berlin update to reduce gas fees

It seems that the trend is still bullish and Ethereum could continue to grow in the short/medium term. Similarly, the ETH/BTC trend is also bullish, suggesting that another uptrend is expected.

Ethereum record high price in history

The weekly chart shows that ETH is creating a bullish candlestick and is well used for pricing. When ETH reached an all-time high on January 26th, it paused for a while and then continued its upward trend. So far, Ethereum has hit a high of $1,571.

The technical indicators for the weekly schedule continue to perform strongly, indicating that the long-term trend is also bullish. The daily chart supports this possibility. ETH broke the $1,380 horizontal resistance level and can now serve as a support level for retests.

The technical indicators are also mostly bullish. The stochastic oscillator is bearish and the RSI is broken below the downside resistance line and is currently above 70.

The MACD also started rising, confirming that the trend is still bullish.

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ETH chart. Source: TradingView

Wave number

Cryptocurrency trader @Altstreetbets outlined an ETH chart showing the beginning of a bullish drive for a new all-time high. The wave number shows that the Ethereum pulse (white) started from the March low, the fifth wave. The most likely target for the peak of the fifth wave is between $1,760 and $1,787 (the 4,618 Fibonacci expansion of the first wave and the 0.618 Fibonacci projection of the 1-3 waves).

When the fifth wave expands, the next most likely target will be $2,248. Now we don’t know if the fifth wave will expand. The sub-wave count is shown in black

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ETH Chart. Source: TradingView

A closer look shows that ETH is in an extended sub-wave three (black). The minor sub-wave count is shown in red.A decrease below the minor sub-wave 2 low of $1,278 would invalidate this particular wave count.

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ETH Chart. Source: TradingView

ETH/BTC

The ETH/BTC chart also looks very optimistic. ETH pulled back the 0.04 BTC resistance zone and validated it as the support. Technical indicators are bullish and support an upward move to the next resistance level of 0.057 BTC.

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ETH/BTC. Source: TradingView

Conclusion

Before the correcting, Ethereum is likely to continue moving towards $1,780-2,280. ETH/BTC is expected to rebound to 0.057 BTC.