Ethereum sees a new all-time high after bears failed to bring ETH below $ 900


Bitcoin’s price (BTC) was revised 28% from $ 41,000 to $ 30,000 during the week. At the same time, Ether (ETH) recorded a 32% decline. The recent high for ETH / USD was $ 1,350 – or about $ 70 off the all-time high – while the most recent low was at $ 910.

January saw high volatility in the crypto markets. The feeling has switched from euphoria to depression and back again. However, the market is still in a bull market even if there is another correction.

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In that regard, it is only a matter of time before a new all-time high is reached for Ether following in the footsteps of Bitcoin.

Healthy correction for ETH

ETH / USD 1 week chart. Source: TradingView

The ether has been corrected to the first level of interest at 0.35-0.382 Fibonacci. Traders often use this Fibonacci level to anticipate corrections.

Often corrections only occur at 0.35-0.382 Fibonacci or 0.5 Fibonacci.

It did so in the case of ETH as the USD 850 to 925 range converges with an earlier resistance point. This point of resistance was found during the multi-month rally from $ 350 to $ 900 in 2018. That slight increase became the final upswing before the market reversed south.

But now the $ 900 region has flipped support, which means more upside is likely. As has been said many times, it can be worth taking a look when an asset is falling 30% in an uptrend.

Levels seen after the all-time high are broken

ETH / USD 1-day chart. Source: TradingView

When the correction is finished, a continuation with a new pulse wave is likely to occur. In this regard, ETH / USD would be looking for new highs, which can also be found using the Fibonacci expansion tool.

A breakout above the recent high of $ 1,350 would be crucial for continuation. Personally, I would expect further consolidation before continuing, but a new wave of impetus is definitely on the table.

If such a continuation of the impulse wave occurs, the next targets will be found at the recent all-time high of 2017 (around USD 1,420), but also at USD 1,600 to 1,650 and USD 2,050 to 2,100. The latter goals are created using the Fibonacci extension tool.