ETH reached its all-time high on April 2nd. Technical indicators are on the rise.
ETH / BTC faces resistance at 0.038.
Ethereum (ETH) reached its all-time high price on April 2, but has since been declining. ETH is expected to confirm the current horizontal area as support. Subsequently, a significant upward movement is likely.
New All-Time High for ETH
ETH has been moving up since February 22nd. It attempted to reach a new all-time high (ATH), but was rejected on March 13.
However, the next attempt was a success, and ETH hit an all-time high price of $ 2,145 on April 2.
He is currently in the process of retesting and validating the previous ATH as support. Technical indicators are on the rise. Both RSI and MACD are positive and on the rise. While the stochastic oscillator has not yet shown a bullish trend, it is very close to doing so. This further confirms that the trend is on the rise.
The wave count indicates that ETH is in a long-term five (white) wave of a bullish impulse that started in March 2020.
Potentially completed lower waves 1 and 2 (orange). If so, it has now started the third sub wave. A drop of $ 1,295 below the two lows (red lines) of the lower wave will invalidate this particular count.
A potential target for the top of this move has been given at $ 3,000. This is found using a fib projection on waves 1-3.
ETH / BTC
Cryptocurrency trader @ Trader_X0 outlined an ETH / BTC chart indicating that higher timeframes are bullish. It 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. The zone of resistance shows it has been in place since late 2018, except for a slight deviation in February.
A break above this level can trigger a significant upward movement towards 0.085 as stated in the tweet.
However, we cannot think of the trend’s uptrend until the zone is taken back.
The daily chart is showing a bullish trend.
The token bounces in the 0.03 area and moves up.
Similar to the USD counterpart, technical indicators are rising.
Therefore, ETH / BTC is expected to eventually rise above the long-term 0.038 resistance.
As a result, ETH / USD is expected to rise to an all-time high. A potential target for the top of the move is $ 3,000.
While ETH / BTC is showing signs of a bullish reversal, the long-term trend cannot be considered as bullish until the 0.038 area is retraced.