Ethereum continues to push new all-time highs on Thursday as ETH price rose to $2,486 for the first time. Ethereum weekly growth stands at 21.11%, while gains are now up by more than 110% for Q1 2021. As of the time of writing, Ethereum was exchanging hands at $2,461, gaining 3.06% in the last 24 hours. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $284 billion and $34.5 billion in trade volume over the past 24 hours. The Ethereum network had a major update dubbed “Berlin” which occurred at block number 12,244,000. Ethereum reaching record-high levels means more opportunities for whales to make big moves. On-chain analytics, Santiment indicated that while Ethereum whale transactions have been a bit more modest than Bitcoin’s, but showing growth.
*ETH price rose to $2486 for the first time
*Ethereum was exchanging hands at $2,461, gaining 3.06% in the last 24 hours
*The Ethereum network had a major update dubbed “Berlin” which occurred at block number 12,244,000
Key Levels
Resistance Levels: $3,000, $2,650, $2,500
Support Levels: $2,300, $2,200, $2,100
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
ETH/USD continued advancing today after closing higher for two days in a row. Today’s movement has led the pair to record highs of $2486. Ethereum resumed the uptrend from $1534 lows on Mar. 25. The RSI is flattening at 74 which may suggest that the bulls may pause to take a breather. ETH is stabilizing around the record high, pausing the strong upside tendency.
If the market manages to pick up speed again and jump above the all-time high of $2,486 level, the next target could come from the immediate psychological number of $2600 and $3000. On the flip side, if the ETH/USD pair turns down from the current level, it could drop to the support at $2102. A break below the $2102 level may expose support at $1929 ahead of the MA 50 at $1834.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
On the 4-hour chart, ETH price is consolidating near the newly formed record highs, as resistance at $2486 remains a hurdle. ETH price may continue to move sideways within the $2400 and $2486 level except the overhead resistance is flipped. If the ETH price breaks out above the $2486 level, further gains may be anticipated. ETH is likely to aim for new record highs of $2600 and $3000 if buying interest increases.
ETH now trades in uncharted territory after reaching new all-time highs, implying there are no defined resistances ahead. Alternatively, a break below the immediate support at $2400 could bring the support at $2295 and $2135 into the spotlight. A continued follow-through to the downside could mean that Ethereum could potentially signal declines to the MA 50 level of support at $2183. The bias shifts to the downside if the ETH/USD pair can post a bearish close below the MA 50.
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