Ethereum price sees victorious bulls steaming up towards new all-time highs

Ethereum (ETH) price has opened above $4,060 this trading session, with the uptrend continuing without losing pace. Between now and $4,646, there is not much in the way of resistance, so bulls should have it relatively easy to make new all-time highs in the coming days. It could even take up to next week before this happens as some favorable external tailwinds start to fade.

Ethereum price in straight uptrend towards new all-time highs

Ethereum price has been in an uptrend since the end of September and has already returned 66% of gains for buyers who entered at that stage. With all the favorable tailwinds added in the meantime, bulls saw their uptrend accelerating and quickly hitting $4,400. After the rally took a short breather the uptrend's second phase began to hit new all-time highs. 

ETH price opened above $4,060 today – which is important to consider as it means bears will back off now from trying to run prices down at this level. The Relative Strength Index (RSI) is still in neutral territory, so expect more buyers to come in and join ETH price action as it consolidates above $4,400, a level of importance with the double top on September 3, 5 and 6. With no actual technical resistances in the way, expect bulls to hold the uptrend until $4,646 and possibly make new all-time highs in the coming days or next week.

ETH/USD daily chart

A part of the reason why the uptrend accelerated was because of favorable external tailwinds like the media attention around Bitcoin. Yet as those elements start to fade into the background, expect this uptrend to lose steam, maybe even wane just before hitting new all-time highs. A reversal in trend could quickly see ETH dip back down to $3,676 and $3,391.