ETH Reaches New All-Time High, Technical Indicators Still Bullish

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In Brief
  • ETH reached a new all-time high price on May 6.

  • Targets for the top of the move are found near $4000 and $4500.

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Ethereum (ETH) has just reached a new all-time high price of $3,605.

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ETH is likely in the fifth and final wave of its upward movement, which has extended. Despite the parabolic increase, the trend has yet to show any significant weakness.

Newa all-time high for ETH

ETH has been moving upwards at an accelerated pace since Feb. 28, when it was trading at a low of $1,468. On May 6, it managed to reach a new all-time high price of $3,593.

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While there is a potential bearish divergence in the weekly RSI, neither the MACD nor RSI show any weakness. Therefore, technical indicators are still bullish.

The price has reached and surpassed a potential reversal area at $3,300. The levels was created by the 1:1 Fib projection of waves 1-3 (white).

Afterwards, there are two other potential reversal levels.

The first is found at $3,852-$4,000, created by the 1.27 projection of waves 1-3 and the 3.61 external retracement of wave four (black).

The second is found at $4,441-$4,544, created by the 1.61 and 4.61 projection/external retracement, respectively.

Chart By TradingView

Daily movement

The daily chart for ETH also shows an extended fifth sub-wave (orange). The sub-waves give a potential target of $4,128, aligning with the first one from the weekly chart. The target is found using a fib projection on sub-waves 103.

Therefore, it is likely that the price could reach a top near this level.

However, similar to the weekly time-frame, technical indicators do not yet show any weakness. Therefore, the daily trend is also considered bullish.

Chart By TradingView

To conclude, ETH is likely in the fifth and final wave of its upward movement, which has a potential target near $4,000, found by a confluence of different Fib levels. If the move continues to extend, the next most likely area for the top is found near $4,500.

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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