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Following 8% Daily Surge, Can ETH Target New ATH?

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Key Support levels: $4,000, $4,329

Key Resistance levels: $4,566, $4,868 (ATH)

ETH made a successful re-test of the $4,000 support level yesterday and ever since then, the price has been increasing. It also broke the resistance at $4,329 which has now turned into support. If this momentum is maintained, then ETH bulls can reclaim the psychological level at $4,500. At the time of this writing, the cryptocurrency is up about 8% in the past 24 hours.

Moreover, on the ETH/BTC chart, the rally continues and yesterday ETH made a new high at 0.087 BTC. However, any further increases might have to wait as Bitcoin is also increasing above $50K today.

ethusd
Chart by TradingView

Technical Indicators

Trading Volume: The volume yesterday was very strong. As soon as ETH bounced off the $4,000 support, the bulls came in force and quickly pushed price to $4,200. This showed that ETH is well-defended at this key support level.

RSI: The RSI is curving back up and since it made a higher low, despite the crash, the bulls came in swiftly to move price up.

MACD: The MACD is preparing for a bullish cross on the daily timeframe. This seems to be one or two days away, should the momentum remain the same. If that happens, ETH is posed to re-test its all-time high and give BTC a hard time on the ETH/BTC pair.

Chart by TradingView

Bias

The bias for ETH has turned bullish. This comes after a successful retest of the $4,000 level followed by a strong rally.

Short-Term Price Prediction for ETH

Ethereum’s fast recovery has restored the market confidence and risk-taking has returned. This is demonstrated by the price action and the momentum which can take it to $4,500 in the near future.

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Cryptocurrency charts by TradingView.

Credit: Source link

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