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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.

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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 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.

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Ethereum intraday levels

Spot rats: $2,467

Trend: Bullish

Volatility: Low

Support: $2,400 and $2,200

Resistance: $2,500 and $2,650

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John Isige

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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