Ethereum is up 12% today, setting the new ATH at $ 1439. Against BTC, ETH also set a new 4-month high at 0,0385 BTC.
ETH/USD – Bulls have set a new ATH price
Key Support Levels: $ 1390, $ 1350, $ 1275.
Key Resistance Levels: $ 1473, $ 1530, $ 1600
Ethereum has traded in a short-term symmetric triangle pattern, trying to break through resistance at $ 1276 (bearish 0,886 Fibonacci) over the past four trading days. That resistance was finally broken by today's 12% price spike, which saw the cryptocurrency break the previous ATH record.
Then the new ATH price was set at $ 1439, which is slightly higher than the previous one at $ 1425. With bullish momentum in the market, we could see higher ATHs throughout the day. Since then, at the time of writing, it has dropped to $ 1400.
ETH-USD short term price prediction
Looking ahead, once the bulls break the new ATH, the first resistance level will be at $1473 (short term 1,414 Fibonacci extension). This is followed by $1530 (1,414 Fib Extension - Green), $1600 and $1646 (1.618 Fib Extension - Green).
Additional resistance is expected at $1685 (1,414 Fibonacci Extension - Yellow), $1700 and $1768.
On the other hand, the first support level is at $ 1390. This is followed by $ 1350, $ 1275, $ 1230 (0,236 Fibonacci retracement and rising support line) and $ 1100 (0,382 Fibonacci retracement).
The RSI is rising and far from overbought, indicating that the market has room to rise. In addition, the Stochastic RSI is tuned for a bullish crossover signal that should send the market up.
ETH/BTC – Bulls set new 4-month highs
Key support levels: 0,0361 BTC, 0,035 BTC, 0,0337 BTC.
Key resistance levels: 0,0385 BTC, 0,0396 BTC, 0,041 BTC.
Regarding Bitcoin, Ethereum finally managed to break through resistance at the November 2020 highs over the weekend, when it broke 0,0337 BTC to 0,035 BTC.
ETH continued to rally today, breaking the March 2019 high of 0,0361 BTC and hitting 0,0385 BTC, setting a new 4-month high.
ETH-BTC short term price prediction
Going forward, if the bulls continue to move beyond 0,0385 BTC, the first resistance level will be at 0,0396 BTC (Feb 2019 highs). Outside of 0,04 BTC, resistance is at 0,041 BTC (1,272 Fib Extension), 0,0316 BTC (2019 highs), and 0,0428 BTC.
On the other hand, the first support level is at 0,0361 BTC (March 2019 highs). This is followed by 0,035 BTC (0,382 Fib), 0,0337 BTC (November 2020 highs), 0,033 BTC and 0,0318 BTC (December 2020 highs).
The RSI is starting to look overbought here but still not too overbought as there is room for continued bullish momentum.