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ETH Hits New All-Time High, Expected to Rise Further

On April 22, Ethereum (ETH) reached a new all-time high price of $2607.

ETH is expected to continue increasing towards $2,725 and potentially $3,210. Similarly, ETH/BTC is also expected to continue moving upwards.

Weekly ETH Movement

The token has been moving upwards since it bounced at the previous all-time high resistance area of $1,400. 

The rate of increase accelerated this week, and an all-time high price of $2,607 was reached on April 22.

Technical indicators are still bullish. The MACD & Stochastic Oscillator is still increasing. Also, the RSI has just broken out above 70. While there is a potential bearish divergence in the RSI, the resistance line is still far from the current value. 

Therefore, the long-term trend is still bullish.

Weekly ETH MovementChart By TradingView

New ETH All-Time High

The wave count indicates that the coin is in wave three (orange) of a bullish impulse. The sub-wave count is given in black and shows that the token is in sub-wave five. 

The two most likely targets for the top of this bullish impulse are found at $2,725 and $3,210, respectively. The targets are found using a combination of Fib projections (black) and an external Fib retracement (orange). 

Afterwards, the token would be expected to correct in what would be wave four.

ETH Wave CountChart By TradingView

ETH/BTC

ETH/BTC has been increasing since March 24. It has now reached a high of ₿0.0475, the highest price since Aug. 2018.

It is possible that this entire upward move takes it to ₿0.085, which is a long-term resistance level. 

Prior to it, there is intermediate resistance at ₿0.072.

ETH/BTC MovementChart By TradingView

Conclusion

To conclude, ETH/USD is expected to continue increasing towards $2,725 and potentially $3,210. 

ETH/BTC is also in a bullish trend a likely to increase towards ₿0.072 and potentially ₿0.085.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

The post ETH Hits New All-Time High, Expected to Rise Further appeared first on BeInCrypto.

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