Ethereum Celebrates New All-Time High After Three Years

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In Brief
  • Ethereum reached a new all-time high price on Feb. 3.

  • Technical indicators are bullish.

  • ETH is in the fifth wave of a long-term bullish impulse.

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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.

ETH Chart By TradingView

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.

ETH Chart By TradingView

Wave Count

Cryptocurrency trader @Altstreetbet outlined an ETH chart, which shows the beginning of a bullish impulse towards a new all-time high price.

Source: Twitter

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.

ETH Chart By TradingView

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 Chart By TradingView

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.

ETH Chart By TradingView

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

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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