- Ethereum price has set up a fresh new all-time high at $3,000.
- This record level comes after ETH crashed twice in the past month.
- A continuation of this rally could propel the smart contract token to $4,295.
Ethereum price has hit a new record level despite facing multiple market crashes over the last couple of weeks.
Ethereum price sets a new high
Ethereum price has risen 53% in the past month to hit a new all-time high at $3,000. The altcoin pioneer has yielded a whopping 313% returns since the start of 2021, while Bitcoin sits at 100% so far.
ETH’s brilliant performance in the face of adversity has paved the way for altcoins.
If this bullish momentum continues to pour in, Ethereum price could surge another 42% to hit the 162% Fibonacci extension level at $4,295. However, the daily chart reveals that ETH has shot up nearly 35% without a correction for almost a week. Hence, investors should be wary around this new all-time high.
ETH/USD 1-day chart
However, if the investors start booking profit around the $3,000 level, an 11% downswing to retest the recent swing high at $2,645 seems likely.
Although unlikely, if this selling pressure snowballs, the pullback might extend to $2,400, which would be a 10% decline from the previous level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.