Ethereum (ETH) has reached a new all-time high of $1,477 after buyers seized control of the market and pushed the price higher. What comes next for Ether?
The second-largest cryptocurrency by market capitalization spent the weekend climbing gradually and decoupling from Bitcoin’s moves. ETH bulls managed to propel the price explosively to the new all-time high of $1,477. However, Ethereum left price discovery shortly after and is now consolidating while trying to determine its short-term direction.
The broader outlook for Ethereum remains very bullish, largely because DeFi sector prices stayed resilient despite Bitcoin’s slowdown. On a weekly basis, ETH posted gains of 17.20%, outperforming Bitcoin’s 6.66% loss.
At the time of writing this analysis, ETH trades around $1,420, representing a 35.37% increase over the past month. Ethereum remains the second-largest cryptocurrency by market cap, valued at $162.58 billion.
ETH/USD
On the daily timeframe, the price of Ether has been rising for four days, and the outlook turned bullish again after finding support at the 21-day EMA. While the broader view stays optimistic, ETH will need to close the day above the prior day’s close to maintain that bias.
That said, the most likely near-term scenario is for ETH to slip below $1,420 and seek consolidation between that level and support around $1,350.
However, if Ether regains momentum and breaks above $1,440, it could very well attempt another run toward a fresh all-time high.
The daily RSI for Ether is rising gradually again, approaching overbought territory; it currently sits near 65.98.
Looking at the 1-hour chart, the recent price surge in Ethereum followed a sharp increase in trading volume. Although ETH reached a new all-time high, it failed to sustain levels above $1,440 and pulled back shortly after.