Ethereum’s price hit a new all-time high on February 3.
Technical indicators are bullish.
ETH is in wave 5 of a long term bullish momentum.
Ethereum (ETH) price finally hit a new all-time high on February 3.
It looks like the trend is still up and the price of Crypto Superstar will likely continue to rise in the short / medium term.
Likewise, the ETH / BTC trend is also bullish, indicating that another upward movement is to be expected.
New historic high for Ethereum
The weekly chart shows that ETH is in the process of creating a bullish recovery candlestick moving sharply into new price territory.
ETH first hit its old record high on January 26, but price stagnated somewhat before resuming its upward movement. So far, ETH has hit a high of $ 1,571.
The weekly data technical indicators remain strong, suggesting that the long term trend is also bullish.
The daily chart supports this possibility. ETH broke through the horizontal resistance zone at $ 1,380. The latter should now probably act as a support during a potential test of the area.
Technical indicators are also mainly bullish
The Stochastic Oscillator has formed a bullish cross as the RSI has broken through its resistance line and is poised to break above the 70 mark.
The MACD has also started to rise, confirming that the trend remains upward.
Cryptocurrency trader @Altstreetbet shared a chart of ETH, which shows the start of a bullish momentum towards a new all-time high.
The wave count suggests that ETH is in wave 5 of a bullish pulse (in white) that began with the March lows. The most plausible target for the top of wave five is between $ 1,760 – $ 1,787 ( 4.618 fibonacci extension from wave 1 and 0.618 fibonacci projection from waves 1-3).
If wave five extends, the most plausible target is $ 2,248. At this time, it is not known whether wave 5 will expand or not.
The sub-wave count is shown in black.
Further observation shows that ETH is in an extended three sub-wave (in black). The minor sub-wave count is shown in red.
A decline below the low of the minor sub-wave, at $ 1,278, would reject this wave count.