ETH Reaches All-Time High In Anticipation Of Berlin Fork

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In Brief
  • ETH has broken out from a descending resistance line.

  • Daily and weekly indicators are bullish.

  • ETH is in wave five of a bullish impulse.

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A hard fork for Ethereum (ETH) will occur on April 14. The fork is named ”Berlin”. It will materialize at block 12,244,000.

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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. 

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So far, it has reached a new all-time high of $2229, doing so on April 13.

Technical indicators are still bullish. The RSI has just crossed above 70. The MACD and the Stochastic oscillator are both increasing. 

Therefore, it is likely that the long-term trend is bullish.

Ongoing Breakout

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.

Conclusion

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.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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