The Ethereum (ETH) price finally reached a new all-time high price on Feb. 3.
It appears that the trend is still bullish and Ethereum will likely continue increasing in the short/medium-term.
Similarly, the ETH/BTC trend is also bullish, indicating another that upward move is expected.
Ethereum All-Time High Price
The weekly chart shows that ETH is in the process of creating a bullish engulfing candlestick that is taking it well into price discovery.
While ETH reached its original all-time high price on Jan. 26, it stalled a bit before resuming its upward movement. So far, ETH has reached a high of $1,571.
Technical indicators in the weekly time-frame still look strong, suggesting that the long-term trend is also bullish.
The daily chart supports this possibility. ETH has moved above the horizontal $1,380 resistance area, which is now likely to act as support in a possible retest.
Technical indicators are also mostly bullish.
The Stochastic oscillator has made a bearish cross, and the RSI has broken out from a descending resistance line and is in the process of moving above 70.
The MACD has also begun to move upwards, confirming that the trend is still bullish.
Wave Count
Cryptocurrency trader @Altstreetbet outlined an ETH chart, which shows the beginning of a bullish impulse towards a new all-time high price.
The wave count suggests that ETH is in wave five of a bullish impulse (white) that began with the March lows. The most likely target for the top of wave five is found between $1,760-$1,787 (4.618 Fib extension of wave one and 0.618 Fib projection of wave 1-3).
If wave five extends, the next most likely target would be found at $2,248. At the current time, we cannot know if wave 5 will extend or not.
The sub-wave count is shown in black.
A closer look shows that ETH is in an extended sub-wave three (black). The minor sub-wave count is shown in red.
A decrease below the minor sub-wave 2 low of $1,278 would invalidate this particular wave count.
ETH/BTC
The chart for ETH/BTC looks similarly bullish. ETH has reclaimed the ₿0.04 resistance area and validated it as support afterw.
Technical indicators are bullish and support the continuation of the upward move towards the next closest resistance area at ₿0.057.
Conclusion
Ethereum is expected to resume its upward movement toward $1,780-$2,280 before correcting.
ETH/BTC is expected to climb back toward towards ₿0.057.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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