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


  • Ethereum marks its five-year anniversary with gains hitting $340 (new 2020 high).
  • Ether is holding above $330 short term support even as selling activities increase.

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

ETH/USD price chart


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Pi Network Price Forecast: PI holds a crucial support level amid rising selling pressure

Pi Network Price Forecast: PI holds a crucial support level amid rising selling pressure

Pi edges lower to retest a crucial support level as it decouples from the broader market recovery. PI token unlocks and increasing balance on CEXs boost selling pressure.

Dogecoin, Shiba Inu face profit-taking risk as Bitcoin's rally takes a breather 

Dogecoin, Shiba Inu face profit-taking risk as Bitcoin's rally takes a breather 

Dogecoin and Shiba Inu are frontlining meme coins losses on Tuesday, following a strong uptrend the previous day. The surge in the prices of DOGE, SHIB and other crypto assets followed in the footsteps of Bitcoin, which hit a new record high of $123,218 on Monday.

Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run

Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run

Bonk’s breakout rally gains traction, printing its fourth consecutive bullish candle. Pudgy Penguins' steadies amid the announcement of the upcoming launch of a multiplayer game, eyes further gains.

Crypto Today: Bitcoin, Ethereum, XRP trim gains amid declining ETF inflows and profit-taking 

Crypto Today: Bitcoin, Ethereum, XRP trim gains amid declining ETF inflows and profit-taking 

Bitcoin encounters volatility and slips toward $116,000 as investors book profits from the rally to record highs. Ethereum bears take back control as ETH drops below $3,000 ahead of US CPI data.

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday. 

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP