Ethereum price to set new all-time high at $4,500 as ETH bulls take over


  • Bullish structural breakout of the Cloud in the Ichimoku Kinko Hyo system.
  • Fibonacci expansions project a new critical zone for the all-time high near $4,500
  • Few roadblocks ahead if Ethereum maintains momentum.

Ethereum price has finally caught up with Bitcoin’s price action by displaying a bullish condition within the Ichimoku Kinko Hyo system. There were some concerns about whether Ethereum was positioning for a bull trap, but those fears were mainly laid to rest.

Ethereum price fulfills extremely bullish Ichimoku entry condition, the road to $4,500 has few obstacles ahead

Ethereum price has experienced some significant whipsaws during the Wednesday trading session. After opening precisely on top of the Cloud at $3,516, it experienced a -5% drop to $3,342 before regaining that total loss and ultimately creating a new daily high. It should be noted that the move from the daily low to the new high has resulted in a nearly 9% gain.

Currently, Ethereum price is in the most bullish Ichimoku condition it has been in since August 7th. A Fibonacci expansion (thick, green line) projects the 61.8% level is at $4,493. This is likely the next target zone for bulls to hit as the next resistance zone. $4,500 is slightly above the prior all-time high and represents a robust psychological level of resistance. However, knowing that the 100% Fibonacci expansion levels have a high positive expectancy rate of being hit, the $6,218 value area may be next. Look for Ethereum’s triple halving may augment any rally beyond $4,500.

ETH/USD Daily Ichimoku Chart

However, bulls should remain cautious as an extended rally from $3,500 is not a foregone conclusion. The daily current daily candlestick is a textbook bearish hammer pattern – indicating a near-term top. Additionally, the Relative Strength Index shows some flattening out against the last overbought level in a bear market (65). Likewise, the Optex Bands are nearing extreme overbought conditions. Ethereum price may be positioned for a spectacular bear trap – especially if Ethereum killer Cardano continues to whittle away at Ethereum’s use case.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pioneer crypto to retrace briefly while altcoins go higher

Bitcoin price continues to move sideways above a crucial psychological level. As long as support holds, BTC is in no trouble, however, if it breaks lower, it will likely drag Ethereum and Ripple along with it. Although this descent is likely to play out in the short term, it may be required to start a second leg-up.

More Bitcoin News

Robinhood is banking on Dogecoin traders as dog-themed altcoins break out

The spike in dog-themed cryptocurrency prices in the ongoing bull run has contributed to a rise in overall crypto market capitalization. Analysts expect the DOGE, SHIB, and AKITA prices to climb higher with the updates in their ecosystem and social dominance. 

More Dogecoin News

Shiba Inu price to provide buy opportunity before SHIB doubles again

Shiba Inu price saw a massive up move after it broke out of its consolidation pattern on October 23. This ascent propelled SHIB to a new all-time high. As bulls overextend the rally, however, things need to cool off before another massive rally emerges. 

More Shiba Inu News

Polkadot price targets all-time highs ahead of parachains launch

Analysts remain optimistic on the Polkadot network’s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb. 

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP