Support levels are as follows: $4,350
$4,868 is a key resistance level (ATH)
On the ETH/BTC chart, ETH has finally surpassed 0.08 BTC. With this breakout, the cryptocurrency indicates that it is prepared to make significant gains against Bitcoin and lead the altcoin market to new heights. This breakout is critical because it represents a resistance line that dates back to the 2017 high, when one ETH was worth 0.15 BTC.
Ethereum gained ground on the USD pair as well, and it is now less than 3% away from its all-time high of $4,868. As a result, the current support is $4,350, while the resistance is represented by ATH. Given the significant breakout versus BTC, ETH appears likely to continue its rally, with the only significant resistance remaining now being the all-time high on the USD chart.
Indicators of Technical Performance
Trading Volume: As the price rose, the volume increased, indicating a bullish trend and a show of strength. It’s critical to keep an eye on the volume, especially as ETH approaches the key resistance.
RSI: The daily RSI is curving up and has plenty of room to rise until it reaches the overbought area (>70), despite being at 59 at the time of writing.
MACD: The MACD completed a bullish cross yesterday, which is very significant and indicates that ETH is about to begin a new rally. The last time this happened was on October 1st, when ETH rallied 64% until November 10th, which also happens to be the date of the current all-time high.
ETH has a bullish bias. It is critical for ETH to maintain its current momentum and break above the key resistance level.
ETH Price Prediction in the Short Term
Ethereum’s breakout on the Bitcoin chart, as well as its proximity to the current all-time high of $4,868 indicate that the cryptocurrency is primed for a new rally. If it is able to break above the all-time high, it will enter price discovery, which could result in a rapid price increase.