Ethereum Prepares for New All-Time Highs
Key Takeaways
- Ethereum broke out of a month-long stagnation period.
- As buy orders pile up, ETH could resume its uptrend and advance to a new all-time high of $2,560.
- A renowned technical analyst suggests Ether may first retrace to a crucial support level before achieving its upside potential.
Ethereum kicked off the second quarter with a bang as its price has risen nearly 9% in the past 24 hours. The bullish impulse allowed ETH to break out of a consolidation pattern, pointing to further gains on the horizon.
Ethereum Primed to Resume Uptrend
The second-largest cryptocurrency by market capitalization endured a month-long stagnation period, making a series of lower highs and higher lows. Such market behavior led to the formation of a symmetrical triangle on Ether’s daily chart.
A sudden spike in buy orders has allowed ETH to break out of the consolidation pattern. By measuring the height of the triangle’s y-axis and adding it to the breakout point, it projects that Ethereum is primed for a 37% upswing.
If validated, further upward pressure could catapult Ethereum towards a new all-time high of $2,560.
The SuperTrend indicator adds credence to the optimistic outlook. The trend-following overlay flashed a “buy” signal on the daily chart as Ethereum’s price sliced through the $1,930 resistance.
This is the first time since late October 2020 that the SuperTrend has turned bullish. More importantly, this technical indicator has twice forecasted the beginning of a new uptrend ETH rose by 187.40% and 455.40%, respectively.
Although the current trend suggests that Ethereum is heading to new all-time highs, market analyst Rekt Capital believes in a pullback before continuing the uptrend.
The analyst maintains that the $1,925-$1,980 price pocket would not be easy to break at once. Therefore, Ether would likely be forced to retest the symmetrical triangle’s breakout point before it advances further.
“A successful retest would likely result in a break past [resistance],” said Rekt Capital.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article