Ethereum Surges 8% Daily, Eyes All-Time High

Ethereum is now above 0.08 BTC in the ETH/BTC chart. This breakout signals that the cryptocurrency is ready to make substantial gains against Bitcoin and take the altcoin market to new heights. This breakout is crucial because it marks a resistance line that goes back to 2017, when one ETH was 0.15 BTC.

Key Support levels: $4,350

Key Resistance levels at $4,868 (ATH).

Ethereum is now above 0.08 BTC in the ETH/BTC chart. This breakout signals that the cryptocurrency is ready to make substantial gains against Bitcoin and take the altcoin market to new heights. This breakout is crucial because it marks a resistance line that goes back to 2017, when one ETH was 0.15 BTC.

The USD pair rallied as well, and is now less than 3% away from its all-time high of $4,868. The current support level is $4,350 and the resistance is ATH. ETH’s breakout versus BTC suggests that it will continue its rally. The only resistance is the all time high on the USD chart.

Ethereum Technical Indicators

Trading Volume As the price rose, the volume increased which is bullish and a sign of strength. It is important to closely monitor the volume, especially when ETH approaches the key resistance.

RSI The daily RSI curves up and has lots of room to go higher, until it reaches overbought (>70), considering that it was at 59 at this time.

MACD Yesterday’s bullish cross by the MACD was very significant. It signals the beginning of a new rally in ETH. This happened last October 1, when ETH rallied 64% to November 10, which also marks the end of the current all time high.

Bias

ETH’s bias is bullish. It is crucial that ETH maintains its momentum and breaks above the key resistance.

Forecast of ETH’s Short-Term Prices

The breakout of Ethereum on the Bitcoin chart, and the fact that it is now less than 3% away from its current all-time high of $4,868 show that Ethereum is ready for a rally. It will likely enter price discovery if it breaks above the all time high. This could lead to a rapid price rise.