Breaking: Ethereum price explodes to new all-time high of $3,000

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.