Ethereum is in the middle of a fresh rally to $1,800 after taking back several key levels including the 50 Simple Moving Average on the 4-hour chart and $1,200. The pioneer altcoin eyes a new all-time high at $1,800 after rising above $1,300. Trading above $1,350 (current 2021 high) will validate the anticipated uptrend to $1,800.
In the meantime, Ether is trading at $1,300 after breaking above the x-axis of an ascending triangle pattern. The flagship altcoin has endured a prolonged consolidation period that began the mid-last week. While its price has made a series of higher lows since then, the $1,300 resistance level continued to reject Bitcoin from advancing further.
Such market behavior led to the formation of the ascending triangle on Ethereum’s 4-hour chart. A horizontal line can be drawn along with the swing highs while a rising trendline created along with the higher lows.
A recent spike in the buying pressure behind the pioneer cryptocurrency has allowed it to break the overhead resistance. For now, it could shoot up by 41%% based on the ascending triangle formation. This target is determined by measuring the distance between the two highest points of the triangle and extrapolating the margin from the breakout point.
ETH/USD 4-hour chart
The Relative Strength Index seems to have validated uptrend after breaking out from the leveling motion around the midline line. The indicator is heading into the overbought area, as the sellers’ grip becomes stronger. Trading volume is also rising as investors increase their positions in Ethereum in anticipation of gains toward $1,800.
Ethereum intraday levels
Spot rate: $1,330
Relative change: 70
Percentage change: 5.6%
Trend: Bullish
Volatility: High
