ETH Price Analysis: Ethereum soars to new record highs, as technicals target $1,800

Published February 3, 2021 | Updated February 3, 2021

ETH Price Analysis: Ethereum soars to new record highs, as technicals target $1,800

  • Ethereum (ETH) price breaks out from an ascending triangle aiming for new all-time highs at $1,800.
  • ETH’s uptrend has been validated by the MACD and the daily close above $1,400.

Ethereum has recently become a digital asset to watch with its holders preferring to stay for the long term. On the other hand, Bitcoin is relatively stable, suggesting that recovery above $40,000 will be an uphill battle. After retesting support at $1,200, Ether has been consistent in its recovery despite meeting critical barriers at $1,400 and $1,450.

The pessimistic outlook on Tuesday was ignored with Ethereum embarking on a barrier-breaking exercise. The formation of an ascending triangle pattern allowed the bulls to take control over the price, following a break past the x-axis.

Ethereum (ETH) price has risen above the old record high and is currently settled above $1,500. Ascending triangles are key technical patterns that identify consolidation periods that culminate in the continuation of the preceding trend.

The patterns stand out for giving traders exact price targets following a breakout. This target is measured from the highest to the lowest points of the triangle. In this case, ETH price has a long way before hitting the 22% upswing to $1,800.

Meanwhile, ETH price is doddering at $1,540 amid a building bullish momentum. The bullish narrative can be confirmed by the Moving Average Convergence Divergence (MACD).

The MACD line (blue) recently crossed above the signal line, encouraging traders to buy more of Ethereum. When carefully applied, the MACD can be a strategic trading strategy. However, it is best to incorporate other indicators as well.

ETH Price Analysis: ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

It is worth mentioning that Ethereum (ETH) price may fail to rally to $1,800 if the uptrend fails to break above the near term key level of $1,600. On the other hand, support must be established above $1,500 to allow buyers to take charge and focus on lifting ETH price to higher levels. Otherwise, Ethereum may correct to confirm support at $1,400 or $1,300.

Ethereum intraday levels

  • Spot rate: $1,540
  • Relative change: 28
  • Percentage change: 1.8%
  • Trend: Bullish
  • Volatility: Growing
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
John Isige 939 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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