Ethereum Prepares for New All-Time Highs

Key Takeaways

  • Ethereum broke out of a month-long stagnation period.
  • As buy orders pile up, ETH could resume its uptrend and advance to a new all-time high of $2,560.
  • A renowned technical analyst suggests Ether may first retrace to a crucial support level before achieving its upside potential.

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Ethereum kicked off the second quarter with a bang as its price has risen nearly 9% in the past 24 hours. The bullish impulse allowed ETH to break out of a consolidation pattern, pointing to further gains on the horizon. 

Ethereum Primed to Resume Uptrend

The second-largest cryptocurrency by market capitalization endured a month-long stagnation period, making a series of lower highs and higher lows. Such market behavior led to the formation of a symmetrical triangle on Ether’s daily chart. 

A sudden spike in buy orders has allowed ETH to break out of the consolidation pattern. By measuring the height of the triangle’s y-axis and adding it to the breakout point, it projects that Ethereum is primed for a 37% upswing.

If validated, further upward pressure could catapult Ethereum towards a new all-time high of $2,560.

Ethereum US dollar price chart
ETH/USD on TradingView

The SuperTrend indicator adds credence to the optimistic outlook. The trend-following overlay flashed a “buy” signal on the daily chart as Ethereum’s price sliced through the $1,930 resistance. 

This is the first time since late October 2020 that the SuperTrend has turned bullish. More importantly, this technical indicator has twice forecasted the beginning of a new uptrend ETH rose by 187.40% and 455.40%, respectively. 

Although the current trend suggests that Ethereum is heading to new all-time highs, market analyst Rekt Capital believes in a pullback before continuing the uptrend. 

The analyst maintains that the $1,925-$1,980 price pocket would not be easy to break at once. Therefore, Ether would likely be forced to retest the symmetrical triangle’s breakout point before it…

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