Ethereum price (ETH) was invented by Vitalik Buterin and is a great blockchain for smart contracts, dapps and even token creations. The picture shows a metal coin of Ethereum in front of a price curve.
Ethereum price scraping its all-time high. Is the number 2 finally ready to join Bitcoin’s price to set new record highs?
The Ethereum price seems to have finally broken out of a weeks-long consolidation phase today. This consolidation led to a formation that resembles an ascending triangle on the 4-hour chart, but is not one. Nevertheless, resistance crystallised with Bitcoin Method the last high at around $1,350, which has now been broken through and tends to offer room for further upward growth.
Ethereum price breaks through resistance at $1,350
ETH/USD chart on a 4-H basis. Source: Tradingview
Ethereum price with further upward momentum
Many Ethereum investors are eagerly waiting for ETH to follow Bitcoin’s (BTC) lead and make significant new all-time highs. With today’s upswing in the Ethereum price, this goal is within reach.
The SuperTrend indicator supports the optimistic outlook. This technical metric showed a „long“ signal within the same time frame when Ethereum broke through resistance at $1,290. The bullish formation suggests that ETH still has more room to the upside.
Current bybit action for new depositors
It is worth noting that the last time the SuperTrend index triggered a buy signal on the 4-hour chart was in late December. This leads to a 115% upside rally for ETH.
Still, the Fibonacci retracement indicator sees another major hurdle for Ethereum. The all-time high from mid-January 2018 at $1,420 could pose a threat to the upswing in the Ethereum price, at least in the short term. Only if a 4-hour candle closes above this level is a rise into higher territory likely.
Possible downside potential for ETH
A pullback could occur if the Ethereum price fails to break above the resistance marked by the all-time high. Under these circumstances, the 78.6% Fibonacci retracement level becomes a crucial flashpoint for ETH’s trend, as it could lead to a bounce or a complete reversal.
This bearish scenario is also supported by the fact that the RSI indicator signals that Ethereum price is currently as overbought as it last was at the end of 2017.
Ethereum price on the weekly chart.
ETH/USD chart on a weekly basis. Source: Tradingview
Regardless, the downtrend appears to be capped at the $1,120 support level as selling pressure behind Ethereum continues to drop dramatically.
Graph showing the growth of ETH held on non-exchange wallets
Growth of ETH held on non-exchange wallets. Source: Twitter, Santiment
For example, Santiment already saw a 21% increase in the number of ETH tokens held by non-exchange wallets last week.