December 6, 2022

Ethereum Price Analysis: Following the New ATH, is $3,000 in Sight for ETH?

2 min read

ETH/USD – – Bulls Set New ATHs Again On The Road To $3000

Key Support Levels: $2600, $2520, $2440.
Secret Resistance Levels: $2830, $2930, $3000.

Ethereum is up by an impressive 16% today as the cryptocurrency set a brand-new ATH today at $2732. The coin discovered support around $2200 on Sunday as it rebounded from the lower boundary of an in proportion triangle pattern.

This consolidation pattern was broken on Monday as ethereum pushed above $2520. The bullish pressure continued the other day as ETH reached the resistance at $2680 (1.618 Fib Extension). Today, it increased by another 3% to set the brand-new ATH. It has because dropped a little and is trading at around $2700.

ETH/USD Daily Chart.

Source: TradingView ETH-USD Short Term Price Prediction Looking ahead, the first level of resistance lies at $2830(1.272 Fib Extension).

This is followed by $ 2930 (1.414 Fib Extension), $ 3000, and $ 3076 (1.618 Fib Extension). On the other side, the first support lies at $ 2600. This is followed by $ 2520, $ 2440 (.236 Fib), $ 2400, and $ 2270(.382 Fib).

The RSI is – back above the midline this week as the bulls take control of the market momentum.

There is still room to press higher prior to the marketplace becomes overbought. ETH/BTC – Bulls Push To Highs Not Seen Since August 2018.
Secret Support Levels: 0.0483 BTC, 0.0461 BTC,

0.0439 BTC. Key Resistance Levels: 0.05, 0.0515 BTC, 0.055 BTC. Ethereum is also strong against bitcoin as it hits a high of 0.0497 BTC, a level not seen given that August 2018. The coin found support at 0.044 BTC over the weekend and rebounded from there at the start of the week.

The other day, ETH reached the resistance at 0.0483 BTC (1.414 Fib Extension). The marketplace penetrated this resistance today as the bulls head toward 0.05 BTC.

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ETH/BTC Daily Chart. Source: TradingView ETH-BTC Short Term Price Prediction

Looking ahead, once the bulls break 0.05 BTC, the first resistance lies at 0.0515 BTC (1.618 Fib Extension). This is followed by 0.055 BTC, 0.0566 BTC (1.618 Fib Extension), and 0.058 BTC.

On the other side, the very first support lies at 0.0483 BTC. This is followed by 0.0461 BTC (.236 Fib), 0.0439 BTC (.382 Fib), and 0.0416 BTC (2019 High).

The RSI is starting to show indications of bearish divergence as price action makes new highs, however the RSI fails to do so. It is likewise approaching exceptionally overbought conditions – – suggesting a short retracement might be required.