The second-largest cryptocurrency by market cap continues its record-breaking bullish run as it breaks another all-time high. With a previous all-time high of $1,437, ETH surged 8% more to get a new ATH of $1,565. At the time of writing Ethereum is trading at $1,520, this is an indication that the coin is facing little bearish actions.
Before the current surge, Ether broke the $1,400 resistance level but could not break the $1,450 resistance level following the bitcoin pump on Friday. After a failed attempt to break the 1,450 resistance due to traders’ immense selling of the digital asset, traders fear that once the $1,400 support level breaks prices may come crashing to hit the $1,300 support.
Unfortunately, the $1,400 support broke and prices were about to test the $1,300 resistance before consolidating. After prices started consolidating at $1,320, prices for the next few days was at $1,350 and $1,400 before finally breaking the $1,400 and $1,500 resistance yesterday.
ETHUSD: 4 Hours Chart
Current Ether price movements are also hinting at a possible breakout above $2,000 soon. On a weekly chart various indicators are also hinting at this breakout. For example, for some time now, the MACD is on the rise after giving off the buy signal a few weeks ago. MACD is showing no sign of dropping any time soon as the fast Line is high above the slow one.
ETH is oversold for a long time now, as RSI is way above but below 90. At the time of writing, Ether is recovering from bearish actions that saw the RSI drop. The recovery is an indication that price ETH will break its previous all-time high soon.
ETHUSD: 1 Week Chart
Judging by Ether price movements, the journey to cross the $2,000 resistance level will not be a quick one as prices will gently climb suffering various rejections on the way. Breaking the $2,000 resistance will mean that ETH’s normal price without a bullish or bearish run will range from $1,600 to $1,800.
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