Ethereum has been defying apparent gravitational force to post new all-time highs above $2,000. The flagship altcoin ignored a double-bottom pattern explored last week, paving the way for the majestic rise. Ether has brushed shoulders with $2,150 before retreating to test support at $2,000. At the time of writing, ETH has renewed the upswing and is moving forward in a bid to trade a new all-time high, preferably above $2,500.
In the meantime, Ether changes hands at $2,127 while bulls battle the resistance at the ascending parallel channel’s middle boundary. A break above this level would bolster Ethereum significantly upward.
The bullish outlook has been validated by the Moving Average Convergence Divergence (MACD) indicator. This technical indicator follows the trend of an asset and measures its momentum. Traders utilize the MACD to spot prime positions to buy the dip and sell the top.
At the time of writing, the indicator has settled in the positive region. The MACD line (blue) is about to cross above the signal line. A move such as this would encourage bulls to come out the sidelines in anticipation of a breakout eyeing highs past $2,500.
ETH/USD four-hour chart
Ethereum’s uptrend seems strong enough to remain intact and hit a historical high. The gap made by the 50 Simple Moving Average (SMA) on the four-hour chart above the 100 SMA and the 200 SMA implies that the trend favors the bulls. Therefore, the least resistance path is upward.
Ethereum intraday levels
Spot rate: $2,130
Trend: Bullish
Volatility: High
Support: $2,000 and $1,800
Resistance: $2,200
