Ethereum Price Analysis: ETH/USD 5-year anniversary rockets it to new 2020 high at $340

Ethereum marked the five-year anniversary amid a bullish momentum across the board. The attention received from the cryptocurrency community saw it break above the descending trendline, highlighted in Thursday’s analysis. This opened the road for gains that beat the previous 2020 high ($334) to form a new yearly high at $340.

In the meantime, Ethereum is trading at $332 after testing the initial support at $330. It is apparent that gains back to $340 will not come easy in the coming sessions. This is brought to light by the RSI’s slip from the region above 70 (overbought) to the current 65. An ongoing horizontal motion suggests that consolidation is the most likely trend in the near term.

The Elliot Wave Oscillator has commenced a bearish session following a short bullish session printed on Thursday. Recently, Ethereum confirmed support at $305 before rising to new yearly highs. If support at $330 holds its position, we can expect Ether to rise above $340 and even bring down the hurdle at $350. This will draw the cryptocurrency very close to breaking 2019’s high around $361 while focusing on $400.

On the other hand, losses under $330 would seek refuge first at the 50 SMA ($322.91) which is marginally above the 100 SMA ($321.42). Although, the level at $320 failed to hold earlier this week, more support is anticipated at $312 and $305 respectively.

ETH/USD 1-hour chart