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.
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.
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.
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.