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Ethereum Price Analysis: ETH spikes to new record highs, draws closer to $2,500

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  • Ethereum ignores brief hiccup in the market to trade new all-time highs at $2,453.
  • ETH’s short-term technical picture is firmly bullish, as shown by the MACD.

Ethereum hits another milestone, extending the bullish leg toward $2,500. Across the board, crypto assets retreated, but Ether remains steady. Bitcoin has been rejected from highs above $64,000 and currently changes hands slightly above $62,000. The rest of the cryptocurrency market is mixed red and green.

Ethereum technical breakout targets $2,650

Ether trades at $2,443 at the time of writing, following a break above the daily chart’s ascending triangle pattern. This is a bullish continuation pattern form by two trend lines connecting relatively equal peaks and ascending lows.

After an extended uptrend, the triangle comes into the picture, followed by a consolidation period. A breakout is expected from the pattern and occurs when the price cracks the x-axis resistance. An increasing trading volume confirms the breakout, which has an exact target. For instance, ETH is expected to rally 34% to $2,650.

ETH/USD daily chart

ETH/USD price chart
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ETH/USD price chart by Tradiingview

The bullish outlook has also been affirmed by the Moving Average Convergence Divergence (MACD) indicator. Since the beginning of April, this indicator has sent out a bullish signal encouraging investors to get more stake in Ethereum. For instance, the MACD line (blue) position above the signal line suggests that Ethereum is still in a buy zone.

Similarly, a break above $2,500 may trigger massive buy orders as bulls shift their focus toward $3,000. The triangle target of $2,650 would be a conservative prediction as investors stream in to join the party.

Ethereum intraday levels

Spot rats: $2,467

Trend: Bullish

Volatility: Low

Support: $2,400 and $2,200

Resistance: $2,500 and $2,650

The post Ethereum Price Analysis: ETH spikes to new record highs, draws closer to $2,500 appeared first on Coingape.



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