Ethereum has risen more than 11% in the past 24 hours, reversing recent losses and now appears poised to head toward its all-time high near $2,600
Ether has staged an impressive rally, climbing more than 11% over the last day and erasing recent declines. Just yesterday ethereum briefly broke the first major resistance level at $2,339 before pulling back to a support area around $2,200.
Now the token has resumed its upward trajectory, pushing past $2,349 and clearing the $2,400 mark. At the time of writing this technical update, ETH trades around $2,485 after breaching an important resistance level at $2,474.
Analyst The Crypto Dog believes ETH could reach a new all-time high in the coming days.
https://twitter.com/TheCryptoDog/status/1386241469858541568
ETH price direction
The 4-hour ETH/USD chart shows a cryptocurrency currently in the midst of a rally. After suffering additional losses last week, ETH recovered over the weekend and is attempting to retake its previous all-time high.
If the current trend continues, the ETH/USD pair could surpass the key resistance level at $2,533. A sustained rally could clear the ATH at $2,644, paving the way for a new record high above that level.
4-hour ETH/USD chart. Source: Coinalyze
The MACD line is in bullish territory while the RSI is approaching 60. Meanwhile, ETH is trading well above its 100-day simple moving average (SMA) at $2,248, indicating the market currently has strong support.
On the downside, if selling pressure returns, the ETH/USD pair could slip toward support at $2,163. Absent a broad sell-off, the token is likely to stay well above the $2,000 area. Ether has a significant support level at $2,082, and its 23.6% Fibonacci retracement at $2,041 should help limit losses.