ETH Reaches New All-Time High

On April 22, Ethereum (ETH) reached a new all-time high price of $2607.

ETH is expected to continue increasing towards $2725 and potentially $3210. Similarly, ETH/BTC is also expected to continue moving upwards.

Weekly ETH Movement

The token has been moving upwards since it bounced at the previous all-time high resistance area of $1400. 

The rate of increase accelerated this week, and an all-time high price of $2607 was reached on April 22.

Technical indicators are still bullish. The MACD & Stochastic Oscillator is still increasing. Also, the RSI has just broken out above 70. While there is a potential bearish divergence in the RSI, the resistance line is still far from the current value. 

Therefore, the long-term trend is still bullish.

New ETH All-Time High

The wave count indicates that the coin is in wave three (orange) of a bullish impulse. The sub-wave count is given in black and shows that the token is in sub-wave five. 

The two most likely targets for the top of this bullish impulse are found at $2725 and $3210, respectively. The targets are found using a combination of Fib projections (black) and an external Fib retracement (orange). 

Afterwards, the token would be expected to correct in what would be wave four.

ETH/BTC

ETH/BTC has been increasing since March 24. It has now reached a high of ₿0.0475, the highest price since Aug. 2018.

It is possible that this entire upward move takes it to ₿0.085, which is a long-term resistance level. 

Prior to it, there is intermediate resistance at ₿0.072.

Conclusion

To conclude, ETH/USD is expected to continue increasing towards $2725 and potentially $3210. 

ETH/BTC is also in a bullish trend a likely to increase towards ₿0.072 and potentially ₿0.085.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.