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Ethereum Price Analysis: ETH Up by 11% to Reverse Recent Losses

Ethereum is up by over 11% in the past 24 hours, erasing its recent losses and could now be heading towards its all-time high above $2,600

Ether is having an impressive run, rising by 11% in the past 24 hours to erase its recent losses. Ethereum broke the first major resistance level at $2,339 yesterday before falling back to sub-$2,200 levels.

However, it has now resumed its upward trajectory, surpassing $2,349 and rallying past the $2,400 mark. At the time of this report, ETH is trading at $2,485 after moving past a major resistance level found at $2,474.

Analyst, The Crypto Dog, believes ETH could see a new all-time high in the coming days.

ETH price outlook

The ETH/USD 4-hour chart shows a cryptocurrency that is currently on a rally. After sustaining losses towards the end of last week, ETH recovered during the weekend and is now attempting to reach its all-time high again.

If the current trend continues, the ETH/USD pair could surpass the significant resistance point at $2,533. An extended rally could bring the all-time high ($2,644) into focus, paving the way for ETH to set a new all-time high above this.

ETH/USD 4-hour chart. source: Coinalyze

The MACD line in the bullish territory, and its RSI is closing in on 60. Meanwhile, ETH is trading way above its 100-day simple moving average ($2,248), indicating that the cryptocurrency has strong support at the moment.

However, in the event of a dip, the ETH/USD pair could decline towards the $2,163 support point. Barring an extended sell-off, the cryptocurrency should steer clear of sub-$2,000 levels. Ether has a major support level at $2,082, and its 23.6% FIB of $2,041 should limit the losses.

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