Ethereum has seen some immense strength in the time following its capitulatory plunge towards $1,000
The cryptocurrency’s V-shaped recovery has allowed it to gain serious ground against Bitcoin, even posting a massive breakout against the benchmark crypto
Where it trends next will undoubtedly depend largely on whether or not bulls can maintain their control over the market
BTC remaining stable is also important, as any intense BTC selloff could create headwinds that hamper ETH’s near-term growth
One analyst is now noting that Ethereum is on the cusp of posting an incredibly bullish long entry signal
If confirmed, this could be a sign that ETH’s uptrend is just getting started
Ethereum and the aggregated altcoin market is performing quite well as Bitcoin’s price action stagnates.
It appears that investors are moving further along the risk branch as they rotate out of BTC and into assets that have yet to see full-fledged price discovery.
There’s a strong possibility that Ethereum will lead the <a class="wpg-linkify wpg-tooltip" title="
Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market’s next wave higher – as it is doing presently – which may mean that it has further room to rally in the short-term.
One analyst is pointing to a technical pattern that suggests ETH has massive upside potential in the near-term.
Ethereum Surges Towards All-Time Highs as Momentum Builds
At the time of writing, Ethereum is trading up nearly 10% against both its USD and BTC trading pairs, with a current price of $1,355.
The crypto is still trading off of its all-time highs, which sit around $1,450. There is a strong possibility that this is the next level that the cryptocurrency targets in the coming weeks.
It also recently broke out against its BTC trading pair, which indicates that it could be poised to see near-term upside.
Analyst: ETH is About to Post a Massive Long Signal
One analyst explained in a recent tweet that Ethereum is on the cusp of flashing a long entry signal with significant historical accuracy.
This could mean that a move past all-time highs is imminent.
“4h ETH: bullish TK cross above Cloud potentially coming soon (long entry signal),” he said while pointing to the below chart.
Ethereum started a fresh increase above $1,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards $1,400 and $1,500.
ETH price is gaining bullish momentum above the $1,250 resistance level against the US Dollar.
The price is likely to face hurdles near $1,380, but it is well above the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards $1,400 and $1,500 in the coming sessions.
Ethereum’s Ether Signaling More Upsides
This past week, bitcoin and ethereum saw a fresh decline below $1,200 and $35,000 respectively against the US Dollar. ETH price even declined below $1,100, but it remained stable above the $1,000.
A low was formed near $1,042 before the price started a fresh increase. There was a strong close above $1,200 and the 100 simple moving average (4-hours).
There was also a break above the 50% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low. There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD.
Ether price is now approaching the $1,345 resistance zone. It is close to the 76.4% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low.
A clear break above the $1,345 level could open the doors for a fresh increase above the $1,400 resistance zone. In the stated case, the price could continue to rise towards the $1,500 level. The next major resistance sits near the $1,530 level.
Dips Supported in Ether (ETH)?
If Ethereum fails to clear the $1,345 and $1,380 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,240 level.
The main support is forming near the $1,180 level (the recent breakout zone) and the 100 simple moving average (4-hours). Any more losses could lead ether price towards the $1,080 support zone.
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is well above the 50 level.
Ethereum has seen some notable strength today despite Bitcoin’s lackluster price action
This has allowed it to gain some serious ground on its BTC trading pair, and the crypto is on the cusp of seeing a massive breakout
Where it trends in the mid-term will undoubtedly depend at least partially on whether or not bulls can take firm control of its price action
Analysts have noted that where it trends in the mid-term will likely depend on its reaction to a few key levels
The current demand zone for the crypto sits around $1,160, whereas its resistance sits at $1,260
It rallied to this resistance level this morning before facing a rejection, but it has since shown some signs of strength
Bitcoin’s consolidation seen in the time following its sharp drop to lows of sub-$29,000 has proven positive for altcoins, with Ethereum and most other major cryptocurrencies all seeing some slight momentum.
ETH is now attempting to breakout against its BTC trading pair, with bulls pushing it up against a key level that has long held as resistance over the past week.
Where the crypto trends in the mid-term will likely depend on a combination of factors, including Bitcoin’s price action as well as its reaction to its near-term resistance levels.
One analyst is optimistic that upside is imminent.
Ethereum Surges Despite a Stagnating Bitcoin
At the time of writing, Ethereum is trading up over 1% at its current price of $1,250. It is also trading up several percent against its Bitcoin trading pair, with this momentum coming as BTC consolidates.
The entire market, aside from Bitcoin, is looking strong today, with Chainlink setting fresh all-time highs while many other altcoins rally.
Analyst: ETH Could Go Parabolic Once Key Level is Broken
One analyst explained in a recent tweet that Ethereum is currently at a crossroads, caught between key resistance at $1,260 and support in the mid-$1,100 region.
Where the cryptocurrency trends in the short-term will undoubtedly depend largely on which of these levels is broken first.
“BTC moved 9% down to take its low out. ETH would need to move 20% to take its low. ETH has been stronger and still has the daily structure in tact. If we look at a 9% correction it puts us in a demand spot at $1140 – $1160. Reclaiming $1260 may be enough strength to move on.”
Ethereum has been trading as a higher beta asset to Bitcoin as of late, closely tracking the benchmark crypto but seeing more drastic movements
Last night’s Bitcoin selloff proved to be somewhat dire for ETH, with it sending the cryptocurrency down to lows of $1,040
This decline marks a 30% retrace from ETH’s recent highs of $1,450 that were set just a few days back
In the time since these lows were set, however, Ethereum has posted a strong v-shaped recovery that could mark a macro bottom
One trader spoke about its performance in a recent tweet, noting that its strength against Bitcoin also indicates that upside is imminent
Ethereum has seen some turbulent price action throughout the past few days and weeks, with the selling pressure around its all-time highs of $1,450 sparking an intense downtrend that was magnified by Bitcoin’s weakness.
This selloff turned into capitulation yesterday evening, and the crypto has been climbing higher ever since it saw a sharp pullback to lows of $1,040
One analyst is now optimistic on ETH, noting that the cryptocurrency’s strength against both Bitcoin and its USD pair suggests it could soon see some massive upside.
Ethereum Forms Classic “V-Shaped” Recovery
At the time of writing, Ethereum is trading up over 20% from its overnight lows at its current price of $1,230.
The massive recovery it has seen has also allowed it to outperform Bitcoin, which is also up significantly from its recent lows.
ETH’s strong rebound may suggest that investors are keener on buying its dips because it has yet to break its all-time highs and see price discovery.
Analyst: ETH’s Rebound Suggests Massive Upside is Imminent
One analyst explained in a recent tweet that Ethereum’s rebound against its Bitcoin pair and USD pair suggests that it could soon see a “proper” rally.
This could mean that another test of its all-time highs is imminent, but this time the crypto may be able to shatter the resistance that exists here.
“ETH against BTC looks very good for continuation and a proper rally. Expecting large inefficient move on ETH if BTC shows some strength / dead-cat bounce today.”
After touching the daily low of $1039, the price of Ethereum is seen recovering to the upside at the $1238 level.
Resistance levels: $1400, $1500, $1600
Support levels: $900, $800, $700
ETH/USD is seen trading towards the resistance level of $1250 level within the ascending channel. Yesterday’s decline has been largely attributed to the fact that Ethereum plummeted pretty significantly. More so, ETH/USD is moving above the 21-day moving average but it can rise higher and break above the 9-day moving average at around $1250. If ETH/USD falls and drops beneath the support of $1100, the coin may turn bearish.
Where is ETH Price Going Next?
If the sellers begin to add downward pressure to the crypto, initial support is expected at $900. Beneath this, support can be found at $800 and $700. On the other hand, if the bulls can defend the $225 level and allow ETH to rebound, an initial resistance may be located at $1230. Above this, additional resistance is expected at $1400, $1500, and $1600 levels.
Moreover, the technical indicator RSI (14) is about to cross above the 60-level showing that the bullish momentum may step back into the market. If the technical indicator manages to make a quick turn-back, then the bulls stand a chance to allow Ethereum to rebound. However, if it penetrates beneath, the cryptocurrency may resume a downward spiral.
Against Bitcoin, the market price remains above the 9-day and 21-day moving averages as it is currently trading at 0.037 BTC and the bulls are pushing the market price above towards the upper boundary of the channel. Meanwhile, if the market begins to drop below the moving averages, the next key supports may likely be at 0.032 BTC and below.
However, considering the upside, the bullish movement may push the market price above the channel, when this is done, the resistance level of 0.042 BTC and above may be visited. Meanwhile, the RSI (14) is moving back towards the upside and this indicates a bullish momentum in the market.
Ethereum (ETH) reached a new all-time high of $1,440 but is in danger of dropping further below $1,300
ETH/USD traded at a new all-time high of $1,440 yesterday, but an increase in sell-off pressure has pushed it progressively lower. It has touched lows of $1,269 and remains vulnerable to more slips as per the outlook of key on-chain metrics.
This perspective is shared by on-chain analytics platform Santiment, which says that some signals suggest ETH could turn bearish in the short term.
One of the signals that a top might be in for ETH/USD is the MVRV indicator. The MVRV ratio helps gauge if an asset’s exchange-traded price lags the “fair value”. It also helps indicate price tops and bottoms.
According to Santiment, “Ethereum’s 30-day MVRV ratio is in red territory. It’s lower than on previous top but still overinflated“. The 30-day MVRV is at 30%, which the firm says is “a danger zone“.
Ethereum supply on exchanges has also spiked over the past 24 hours to suggest investors have moved their coins onto exchanges and are ready to sell. If more holders decide to cash in on the recent price spike, increased downward pressure will likely push ETH/USD further lower.
A downside correction has forced ETH to retreat below the critical price level of $1,300, suggesting the momentum that took bulls to the ATH could fade sooner than expected. There is a declining parallel channel formation strengthening on the 4-hour chart.
This outlook, with the price having touched $1,269, means declines to $1,250—$1,200 levels could invite even more selling pressure.
Ethereum’s downward action has included a retest of the 23.6% Fibonacci retracement level of the recent move from $1,233 low to $1,440 high. Bears are now looking to break lower, with $1,233 offering the main point of interest in the short term.
If the price drops below the support of an ascending trendline, the next major target will be the 50-SMA level near $1,209.
While it looks grim for ETH bulls, there’s every chance a flip puts a brake on the rot. In such an event, bulls face strong resistance at $1,358 (61.8% Fibonacci retracement level of swing high from $1,233 low to $1,440 high).
From here, a close above the upper boundary of the channel ($1,393 on the 4-hour chart) could open up room for bulls to retest the all-time high zone.
A clear break above the ATH and sustained pressure towards upper limits of $1,500—$1,600 could see $2k level come into the picture.