Ethereum [ETH] has hit yet another milestone as it mimicked the market-wide rally as it amassed gains of 25.24%. The altcoins reached an all-time high of $1,807 before a minor retracement.
Ethereum’s price has been on a consistent uptrend over the past few months. It has gained by more than 1,000% from its lowest level in 2020 and has gone on to become one of the best-performing assets. Institutions have come flocking to reap profits off the altcoin which despite a correction still has upside bias intact.
The breakthrough finally arrived for Etheruem which was still up by 6.81 in the last 24-hours pushing holding its price at $1,740.8. Its market cap rose to $200 billion and 24-hour trading volume to $56.7 billion.
Ethereum [ETH] Daily Chart:
Ethereum’s [ETH] price has been relatively volatile lately and its upward roll has catapulted the formation of an ascending parallel channel pattern. Despite the meteoric rise, the parallel channel depicted a mega bearish outlook for the crypto-asset.
The expected uptrend might not be sustained in the longer-term. The rising gauge between the daily moving averages 50 DMA [Pink] and 200 DMA [Purple], however, pained a bullish picture.
The MACD has continued its bullish string after dominating the signal line for a week.
The Stochastic RSI appeared to be undergoing a bullish crossover a little below the overbought zone. A similar bulling signal was identified by the RSI which was also treading close to the 70-region depicting a sentiment of high buying demand in the ETH market.
If the bullish streak continues and Ethereum manages to reclaim its position above the recently breached ATH of $1,800, it could further stretch to new highs.
However, in an event of rising bearish pressure, the crypto-asset could find significant support along with its nearest downside target of $1,430. If Ethereum bulls fail to hold this level, the corrections could near $1,173 and $1,047 respectively.