Ethereum (ETH) reached a new all-time high price on April 2, but has been decreasing since.
ETH is expected to validate the current horizontal area as support. Afterwards, a significant upward movement is likely.
New All-Time High For ETH
ETH has been moving upwards since Feb. 22. It made an attempt at reaching a new all-time high (ATH), but was rejected on March 13.
However, the next attempt was successful, and ETH reached a new all-time high price of $2,145 on April 2.
Currently, it is in the process of re-testing the previous ATH and validating it as support.
Technical indicators are bullish. Both the RSI & MACD are positive and increasing. While the Stochastic oscillator has yet to make a bullish cross, it is very close to doing so. This would further confirm that the trend is bullish.
The wave count suggests that ETH is in a long-term wave five (white) of a bullish impulse that began in March 2020.
It has potentially completed sub-waves 1 and 2 (orange). If so, it has now begun sub-wave three. A decrease below the sub-wave two low (red line) at $1,295 would invalidate this particular count.
A potential target for the top of this movement is given at $3,000. This is found by using a fib projection on waves 1-3.
Cryptocurrency trader @Trader_X0 outlined an ETH/BTC chart, stating that higher time-frames look bullish. He expects an upward movement towards ₿0.065-₿0.075.
The weekly chart shows that despite the current increase, the token is still trading below the ₿0.038 resistance area. With the exception of a slight deviation in February, the resistance area has been in place since late 2018.
A breakout above this level could trigger a significant upward movement towards ₿0.085, as outlined in the tweet.
Nevertheless, until the area is reclaimed, we cannot consider the trend bullish.
The daily chart provides a more bullish outlook.
The token has bounced at the ₿0.03 area and has been moving upwards.
Similar to the USD counterpart, technical indicators are bullish.
Therefore, ETH/BTC is expected to eventually break out above the long-term ₿0.038 resistance.
To conclude, ETH/USD is expected to increase towards a new all-time high. A potential target for the top of the movement is found at $3,000.
While ETH/BTC is showing bullish reversal signs, the long-term trend cannot be considered bullish until the ₿0.038 area is reclaimed.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.