Ethereum (ETH) has created a new all-time high of $1,477 as buyers rallied and pushed the price up. What’s next for Ether?
The second-largest cryptocurrency by market cap spent the weekend slowly moving up and chipping away Bitcoin’s market dominance. An influx of ETH bulls then pushed the price up explosively to the new all-time high of $1,477. However, Ethereum left price discovery mode shortly after, and is now consolidating and trying to decide on its short-term direction.
Ethereum’s overall outlook is incredibly bullish, mostly because of how the prices in the DeFi sector remained strong despite Bitcoin’s downturn. Looking at the week-over-week performance, ETH has posted gains of 17.20%, outperforming BTC’s loss of 6.66%.
At the time of writing, ETH is trading for $1,420, which represents a 35.37% gain when compared to its previous month’s value. Ethereum is currently the second-largest cryptocurrency by market cap, boasting a value of $162,58 billion.
Ether’s price on the daily timeframe has been rising for four days, with the outlook becoming bullish again after finding support on the 21-day EMA. While Ethereum’s outlook is still bullish, the cryptocurrency will have to close above the previous day’s close in order to remain so.
That being said, ETH’s price will most likely drop below $1,420 and try to find a place to consolidate between it and the $1,350 support level.
If, however, Ether manages to regain strength and push above $1,440, a new attempt towards all-time highs is completely possible.
Ether’s daily RSI is slowly ascending once again, with its value slowly approaching the overbought territory, where it is currently sitting at 65.98.
Zooming in to the hourly time-frame, we can see Ethereum’s price surge followed a massive increase in volume. While the second-largest cryptocurrency by market cap did reach a new all-time high, it failed to stay above the $1,440 level for long and dipped below it shortly after.