Ethereum (ETH), the no. 2 crypto, has enjoyed a meteoric rise. From a low of $150 in March 2020, it has risen to nearly $4,400 now. ETH has successfully broken over its local top of over $4,000 in recent weeks and is now going ahead. All hands-on Ethereum after it defied the trend and surged even more on Thursday to $4,374. As bulls close in on ETH/USD all-time high near its old record of $4,384 set in May, the lead crypto Bitcoin remained in consolidation. On the daily and 4-hour charts, bulls remain solidly in control, predicting additional gains, with minor declines seen to create stronger buying chances. ETH may have a strong run this month after BTC reached a new all-time high on the heels of ETF excitement. As Bitcoin dominance fades relative to Ether’s, the ETH/USD will continue to gather enormous momentum to push the price to uncharted territory. According to Santiment, Ethereum’s top addresses have been slowly accumulating $ETH, and it’s no surprise that the no.2 crypto is approaching a #AllTimeHigh of its own. In the last ten weeks, addresses having 1 million to 10 million $ETH have added 13.9 percent to their wallets.
Key Levels
Resistance Levels: $4,800, $4,600, $4,400
Support Levels: $4,000, $3,700, $3,400
ETH/USD Daily ChartOn Thursday, the ETH/USD eased after a bullish acceleration in the previous two days, as bulls began to lose impetus as they approached hurdles at the all-time high near its old record of $4,384 set in May. On the daily chart, bulls remain solidly in control, predicting additional gains, with minor declines seen to create stronger buying chances.
A bullish break above the former all-time high ($4,384, May 12) looks for a weekly close above this level to complete the swing pattern on the daily chart and spark fresh acceleration higher, with a close above $4,500 levels to confirm the bullish signal. Bull-cross of the trend lines also supports the action, with extended dips to find ground here and keep bulls in play.
ETH/USD 4-Hour ChartAfter a bottom formation at the $2,800 region and a break out of a bearish channel, ETH/USD is going higher very well towards $4,384, the prior highs. More gains appear to be on the way, but only after a retreat if we consider that the structure from $2,800 on the $4-hour chart might be a leading diagonal.
Support is between $4,000 and $3,700. During the next trading session, the rate is likely to continue to trend bullish. The $4,500 level could be a potential goal for the ETH/USD pair. This session, however, the rate may make a modest pullback to the $4,000 level and moving average (MA 50) of $3,850.
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