Ethereum’s price moved higher after the bulls reacted well to a symmetrical triangle pattern on the chart. A 14% jump from the upper trendline pushed ETH towards the $3,500-mark. Additionally, both the MACD and the Awesome Oscillator have attempted to break past their midline and are expected to generate more buying pressure in the future.
With buyers holding most of the aces, a fresh all-time high was just around the corner, provided ETH does not falter at a few price ceilings. At the time of this writing, ETH was trading at $ 3,443, up 3.4% in the past 24 hours.
ETH Daily Chart
ETH extended its gains above its EMA ribbons after breaking north of the symmetrical triangle. With the 50-SMA (yellow) now turning bullish and adding an extra layer of protection, ETH was in prime position to close above $3,500. However, expect some sideways movement before the EMA ribbons open up and identify a clear uptrend.
Meanwhile, the lack of supply for ETH between $3,750-$4000 could play in favor of the bulls. Depending on the visible range, only limited selling pressure was present at the 50% and 61.8% Fibonacci levels.
This meant that ETH just needed to traverse past a few near-term obstacles in order to register a fresh ATH. Once price closes above these hurdles, the focus should be on the 100% Fibonacci extension level, near $ 5,000.
Reasoning
The Relative Strength Index traded above 55 and had the potential to run up to 70 before reversing trajectory. This resulted in an additional hike for ETH. The MACD extended movement on the back of a bullish crossover, while the Awesome Oscillator looked to form its first green bar above the half-line in nearly 16 days. A move above each of their respective half lines would generate more buying pressure in the market.
Conclusion
ETH was favored to climb above $3,500 and test some important price ceilings in the coming days. With ETH indicators now moving to a bullish position, expect ETH to break above its 50% and 61.8% Fibonacci extension levels with relative ease and establish a new ATH close to 5. $ 000.
