- Ethereum price reclaimed $4,060 in a bullish opening this trading session.
- ETH price sees momentum building further in favor of bulls, with the RSI not yet in ‘overbought’ status.
- With this uptrend, bulls will soon hit $4,646 and make new all-time highs.
Ethereum (ETH) price has opened above $4,060 this trading session, with the uptrend continuing without losing pace. Between now and $4,646, there is not much in the way of resistance, so bulls should have it relatively easy to make new all-time highs in the coming days. It could even take up to next week before this happens as some favorable external tailwinds start to fade.
Ethereum price in straight uptrend towards new all-time highs
Ethereum price has been in an uptrend since the end of September and has already returned 66% of gains for buyers who entered at that stage. With all the favorable tailwinds added in the meantime, bulls saw their uptrend accelerating and quickly hitting $4,400. After the rally took a short breather the uptrend's second phase began to hit new all-time highs.
ETH price opened above $4,060 today – which is important to consider as it means bears will back off now from trying to run prices down at this level. The Relative Strength Index (RSI) is still in neutral territory, so expect more buyers to come in and join ETH price action as it consolidates above $4,400, a level of importance with the double top on September 3, 5 and 6. With no actual technical resistances in the way, expect bulls to hold the uptrend until $4,646 and possibly make new all-time highs in the coming days or next week.
ETH/USD daily chart
A part of the reason why the uptrend accelerated was because of favorable external tailwinds like the media attention around Bitcoin. Yet as those elements start to fade into the background, expect this uptrend to lose steam, maybe even wane just before hitting new all-time highs. A reversal in trend could quickly see ETH dip back down to $3,676 and $3,391.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.