Highlights
Ethereum (ETH) climbed higher after the weekend sell-off proved to be a buy-the-dip opportunity for investors. ETH price reached a record high at $2,800 today before taking what appears to be a short breather. At the time of writing, Ethereum was exchanging hands at $2,731, marginally up in the last 24 hours and 9.47% weekly. Ranking second-largest with a present market cap of $316.4 billion, Ethereum is swiftly overtaking the precious metal platinum in terms of market valuation. In previous weeks, Ethereum has been stealing the spotlight show by continuously refreshing new record highs. JPMorgan hinted at better liquidity conditions (deduced from open interest data) in ETH futures relative to BTC futures and DeFi growth as the likely reasons behind ETH outperformance to Bitcoin.
Key Levels
Resistance Levels: $3,000, $2,900, $2,800
Support Levels: $2,650, $2,500, $2,300
ETH/USD Daily ChartDespite setting new highs at $2,646 on Apr. 22, ETH/USD moved lower in the previous weeks, even testing lows around the $2000 range. A confluence of support was briefly taken out before subsequent reversals. From weekend lows of $2,060, Ethereum climbed higher to trade the last four days in green, setting new record highs of $2,800. The soaring moving averages alongside the RSI hovering near the 70 levels suggest positive bias.
If the bulls sustain a push past $2,800, the ETH/USD pair could rally to $3,000. Alternatively, if the markets reach overbought conditions and there’s a downside reversal then the first support could be at the previous high of $2,646. Beneath this level, the $2,548 and the $2,148 handles could come next before the strong MA 50 support at $2,063.
ETH/USD 4-Hour ChartETH price consolidated after hitting lows at $2,060 on Apr. 23 before ticking higher. Ethereum quietly ascended over the last 4-hour sessions, climbing towards the record high of $2,800. At the time of writing, Ethereum price was consolidating gains near the day’s high. A bullish price trend on the upside continues to forecast further gains towards the $3000 mark.
Once this is achieved, the next levels at $3,500 and $4,000 may come into focus as Ethereum unravels trading in uncharted territory. Otherwise, if sellers drive the ETH/USD pair below the $2,700 level, the next support at $2,657 and $2,551 could interrupt the pair ahead of the MA 50 support at $2,469. In the event selling interest persists below the MA 50, the $2,192 support at the MA 200 could challenge the bears ahead of the $2000 psychological level.
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