ETH has reached a new all-time high price on April 13. It is expected to continue increasing towards the targets provided below.
Weekly ETH movement
In the first week of February, ETH reached a new all-time high price. After returning to validate the previous resistance as support (green arrow), it continued to move upwards.
So far, it has reached a new all-time high of $2229, doing so on April 13.
Therefore, it is likely that the long-term trend is bullish.
The daily chart supports the findings from the weekly one. ETH has broken out from a descending resistance line and reclaimed the $1950 are afterward.
Similar to the weekly time-frame, technical indicators are bullish.
Therefore, the token is expected to continue moving upwards. If it continues doing so, the next resistance would be found at $2500. This is the 1.61 external Fib retracement of the most recent downward movement.
ETH Wave Count
The wave count indicates that the token is in wave five of a bullish impulse that began in March 2020.
The sub-wave count is given in orange. It suggests that the current price movement is part of sub-wave three.
A potential target for the top of this sub-wave is found at $2915. This would give sub-waves 1-3 a 1:1.61 ratio.
Afterward, a potential target for the top of the entire upward move would be found at $3040.
Nevertheless, the final target depends on the actual high and low of sub-waves three and four. Therefore, it cannot be accurately determined at the current time.
To conclude, the ETH trend is bullish in both the long- and the short-term. Due to this, a potential target for the top of the current movement is found between $2915-$3040.