FX.co ★ Ethereum New All-Time High Of 4,534.55!

Ethereum rallied since yesterday and it has climbed as much as 4,534.55 registering a fresh new high. The bias is bullish, so the crypto could extend its growth towards new historical highs.

The ETH/USD rate invalidated a deeper drop, so a potential rally was somehow expected. Bitcoin's growth registered since yesterday force Ethereum to grow. ETH/USD increased by 9.27% from 4,150 yesterday's low to 4,534.55 today's high.

ETH/USD Strongly Bullish!

Ethereum failed to stabilize under the uptrend line or below the weekly pivot (4,215.38) signaling potential upside continuation. It has passed above 4,460 former high confirming strong buyers and more gains.

Now, it has found temporary resistance right below the weekly R1 (4,534.57). Making a valid breakout above it may signal further growth. Still, in the short term, we cannot exclude a minor retreat before resuming its upside journey.

Ethereum Forecast!

The bias is bullish, so registering a valid breakout above the weekly R1 (4,533.44) could validate an upside continuation. Only dropping and stabilizing under the uptrend line could invalidate further growth.