New ATH insight for Ether after breaking above $4K; check forecast
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The cryptocurrency market had a positive performance last week, with most coins up 5% or more during that period. Bitcoin broke above the $122k level and could be on its way to another all-time high.
However, Ether stood strong and came out as the best performer among the top 10 cryptocurrencies by market cap.
Ethereum’s native coin added 20% to its value during that period, breaking above the $4k psychological level in the process.
Analysts are now predicting a new all-time high for Ether as the price is only 12% away from its current all-time high.
ETH pushes above $4k after a 20% rally
Ether has been performing excellently over the last few days and could be set to hit new highs if market conditions persist. Ether’s rally over the last few days has been fueled by the addition of staking features to spot Ethereum ETFs.
The SEC declared last week that liquid staking activities do not involve securities, effectively paving the way for BlackRock and other ETF issuers to introduce staking features to their funds.
The addition of staking to spot Ether ETF could attract more institutional interest, boost liquidity, and incite more onchain activities.
Ethereum bulls target $4,500
The ETH/USD 4-hour chart is bullish and efficient thanks to Ether’s ongoing rally. Ethereum’s price closed above its psychological level of $4,000 on Saturday before continuing its rally past $4,300 on Sunday.
At press time, ETH is trading at $4,275. The technical indicators are extremely bullish, suggesting that buyers are in firm control of the market.
The MACD lines are within the positive territory, with a reading of 129, indicating a bullish bias. The RSI of 75 also shows that Ether is not yet in the overbought region, suggesting further room for growth.
If the upward trend continues, Ether could extend its rally towards the December 9, 2021, high of $4,488. However, the RSI needs to stay above the 70 region to support the upward momentum.
An extended rally would allow Ether to cross the all-time high price of $4,891 before setting a new one. Analysts are optimistic that Ether will rally to a new all-time high over the coming weeks or months.
Ether’s Wyckoff pattern breakout suggests that Bitcoin could hit the $6k level over the next couple of weeks.
The Wyckoff theory suggests that the ETH/USD pair has been trading inside a large accumulation range for months, steadily absorbing selling pressure.
The end of this phase will be marked by a decisive breakout once buyers gain control.
However, if a market correction occurs following these bullish few days, Ether could decline towards its nearest support.
The coin could drop towards the first major support level at $4,010, which also serves as the 4-hour Transactional Liquidity (TLQ). Failure to defend this level would see Ether drop below $3,500.
The post New ATH insight for Ether after breaking above $4K; check forecast appeared first on Invezz
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