Ethereum Rockets to New All-Time High as Bullish Momentum Prevails, Bitcoin Lags
Ethereum (ETH) has showcased remarkable strength, surging past the $4,650 level to carve out a fresh all-time high. As the cryptocurrency consolidates its recent gains, market participants are closely monitoring key price levels amidst a backdrop of Bitcoin's comparatively softer performance.
Ethereum's Unstoppable Ascent
Unlike Bitcoin, Ethereum formed a robust base before launching into a powerful upward trajectory, confidently breaching the $4,550 threshold. This bullish run intensified as ETH surpassed significant resistance at $4,650 and $4,720, ultimately propelling the price to an unprecedented all-time high of $4,956. Following this impressive peak, the asset initiated a minor downside correction, falling slightly below the 23.6% Fibonacci retracement level of its recent upward move, which spanned from a $4,207 swing low to the record $4,956 high. Despite this, Ethereum maintains a strong position, trading comfortably above both the $4,550 support and the 100-hourly Simple Moving Average.
Critical Levels and Future Outlook
Looking ahead, Ethereum faces immediate resistance near the $4,820 mark. Beyond this, further resistance zones are identified at $4,850 and a more substantial barrier at $4,920. A decisive break above the $4,920 resistance could unlock further gains, potentially pushing ETH towards the psychological $5,000 level, and possibly extending to $5,150 in the near term. However, the path forward is not without potential pitfalls. Should Ethereum fail to overcome the $4,820 resistance, it could signal a continuation of the downside correction. Initial support levels are found near $4,680, with a more critical major support at the $4,580 zone, coinciding with the 50% Fibonacci retracement level of the recent rally. A breach below $4,580 might lead to a test of the $4,550 support. Sustained losses beyond this point could see the price drop towards $4,440, with $4,320 acting as the next key support. Technical indicators present a mixed signal: while the hourly MACD is showing signs of losing bullish momentum, the hourly Relative Strength Index (RSI) remains above the 50 zone, suggesting that the bulls still hold a slight edge in market sentiment.
