Ethereum Races Toward All-Time High

Ethereum has finally broken through the critical resistance level of $3,962.0 after multiple failed attempts. Notably, the bulls made three unsuccessful efforts to surpass this level in the previous year, with the third attempt extending from late December into January. Following each rejection, a bearish trend emerged, with sellers driving the price significantly lower.

The most recent test of the $3,962.0 resistance level resulted in the formation of a double-top pattern, which typically signals a bearish reversal. Consequently, a downward retracement followed, pushing the price toward the key support level of $3,504.0. However, after testing this level, Ethereum reversed course decisively, ultimately enforcing a strong breakout above the previous resistance.

Ethereum Key Levels

Demand Levels: $3,504.0, $2,785.0, $1,504.0
Supply Levels: $4,867.0, $5,000.0, $5,100.0

What Are the Indicators Saying?

Following the last retest of the $ 3,504.00 support level, the Williams Per cent Range (W%R) indicator signalled that the asset was oversold, triggering a swing low and reigniting bullish momentum. Simultaneously, the price tested the 30-period Moving Average (MA), which provided additional support and served as a springboard for the rally. Currently, Ethereum is surging aggressively toward the $4,667.81 level, demonstrating strong upward momentum as it approaches its all-time high.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Capital Spreads

• 

  Alice Hudson

• 

  ADVFN News

• 

  Ben Branson