On April 22, Ethereum (ETH) reached a new all-time high price of $2607.
ETH is expected to continue increasing towards $2,725 and potentially $3,210. Similarly, ETH/BTC is also expected to continue moving upwards.
Weekly ETH Movement
The token has been moving upwards since it bounced at the previous all-time high resistance area of $1,400.
The rate of increase accelerated this week, and an all-time high price of $2,607 was reached on April 22.
Technical indicators are still bullish. The MACD & Stochastic Oscillator is still increasing. Also, the RSI has just broken out above 70. While there is a potential bearish divergence in the RSI, the resistance line is still far from the current value.
Therefore, the long-term trend is still bullish.
New ETH All-Time High
The wave count indicates that the coin is in wave three (orange) of a bullish impulse. The sub-wave count is given in black and shows that the token is in sub-wave five.
The two most likely targets for the top of this bullish impulse are found at $2,725 and $3,210, respectively. The targets are found using a combination of Fib projections (black) and an external Fib retracement (orange).
Afterwards, the token would be expected to correct in what would be wave four.
ETH/BTC
ETH/BTC has been increasing since March 24. It has now reached a high of ₿0.0475, the highest price since Aug. 2018.
It is possible that this entire upward move takes it to ₿0.085, which is a long-term resistance level.
Prior to it, there is intermediate resistance at ₿0.072.
Conclusion
To conclude, ETH/USD is expected to continue increasing towards $2,725 and potentially $3,210.
ETH/BTC is also in a bullish trend a likely to increase towards ₿0.072 and potentially ₿0.085.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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