ETH Hits New All-Time High, Expected to Rise Further

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In Brief
  • ETH reached a new all-time high price on April 22.

  • It is likely in wave three of a bullish impulse.

  • ETH/BTC has reached its highest price since 2018.

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On April 22, Ethereum (ETH) reached a new all-time high price of $2607.

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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. 

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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.

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 discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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