Highlights
Ethereum price is back on the path after massive declines in the prior week. As of press time, ETH/USD was climbing to a fresh all-time high at $2,595. ETH began a gradual ascent after reaching lows of $2000 in Sunday’s market crash. Upon three consecutive days of trading in the green, ETH is up 14.56% in the last 24 hours and 6.53% weekly while trading presently at $2,592. Ranking second-largest, Ethereum has a present market cap of $299 billion and $47.9 billion in trade volume over the past 24 hours. Data aggregator, Messari indicated in a recent report that Ethereum saw considerable growth in Q1 2021, recording an increase in TVL(Total value locked) in its DeFi sector by almost 200% to around $48 billion. The total value of transactions settled on the ETH network in Q1 stands at $1.5 trillion compared to $1.3 trillion recorded in 2020.
Key Levels
Resistance Levels: $3,000, $2,800, $2,650,
Support Levels: $2,500, $2,300, $2,200
ETH/USD Daily ChartETH/USD continued its climb today after closing higher for two days in a row. Today’s price movement has led the ETH/USD pair to record highs of $2,595. The RSI in an upward tilt and below the 70 overbought marks indicates room for further increase in the short term. The soaring moving averages lend credence to the positive structure.
If the buyers can propel ETH price above the all-time high at $2,595, the ETH/USD pair could pick up momentum and rally toward the next target objective at $2,750 and then $3,000. Alternatively, if ETH price turns down from its current levels, it may consolidate a while the next major move. ETH bullish outlook will invalidate on a break beneath $2000. In this case, the support levels at the MA 50 ($1,954), $1,545, and $1,292 could come into the spotlight.
ETH/USD 4-Hour ChartFollowing massive declines from highs of $2,548, ETH/USD declined to the support of the $2000 level. Afterward, the pair recovered to start trading sideways before a major breakout above the MA 50 ($2340) barrier on April 21. ETH is sustaining well above the moving averages while buyers grapple with the $2,595 resistance high. A sustained break above $2,595 brings ETH price action into uncharted waters, with the next targets likely to be $2,700 and $3000.
On the contrary, if sellers retake the reins, immediate support is already forming at the previous barrier at $2,548. A break below would expose support at $2,470 ahead of the $2,400 level. A continued follow-through to the downside could potentially signal declines to the MA 50 level of support at $2,340. A bearish close below the MA 50 may cause a retest of support at MA 200 ($2,028) ahead of the $2000 level.
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