Ethereum Price Prediction: ETH records new all-time high as FOMO kicks in
- Ethereum bulls ignore overbought RSI amid fears of mission out the rally.
- 10-week-old resistance line guards immediate upside ahead of the $2,000 threshold.
- Ascending trend line from September stops ETH sellers, for now.
ETH/USD bulls are unstoppable while refreshing the record top around $1,700 during early Thursday. The altcoin is on a four-day uptrend after the previous day’s rally that crossed a key resistance line.
Although overbought RSI conditions may probe the ETH/USD bulls around a short-term trend line resistance near $1,750, the bulls are en route to the $2,000 psychological magnet before catching a breather.
It should also be noted that chatters of the cryptocurrency pair’s rally towards the $5,000 level, with the $3,000 acting as an intermediate halt, are also famous in the market.
Meanwhile, the counter-trend traders are looking for a downside break of the $1,600 to retest the previous resistance line from September, at $1,550.
Though, ascending trend line from December 23, at $1,251 now, will be the ultimate test for the ETH/USD sellers.
To sum up, Ethereum buyers are in full mood to flash the $2,000 despite multiple challenges.
ETH/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
