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7 May 2021
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Ethereum

Ethereum price explodes to new all-time high of $3,000

  • Ethereum price has set up a fresh new all-time high at $3,000.
  • This record level comes after ETH crashed twice in the past month.
  • A continuation of this rally could propel the smart contract token to $4,295.

Ethereum price has hit a new record level despite facing multiple market crashes over the last couple of weeks.

Ethereum price sets a new high

Ethereum price has risen 53% in the past month to hit a new all-time high at $3,000. The altcoin pioneer has yielded a whopping 313% returns since the start of 2021, while Bitcoin sits at 100% so far.

ETH’s brilliant performance in the face of adversity has paved the way for altcoins.

If this bullish momentum continues to pour in, Ethereum price could surge another 42% to hit the 162% Fibonacci extension level at $4,295. However, the daily chart reveals that ETH has shot up nearly 35% without a correction for almost a week. Hence, investors should be wary around this new all-time high.

ETH/USD 1-day

ETH/USD 1-day chart

However, if the investors start booking profit around the $3,000 level, an 11% downswing to retest the recent swing high at $2,645 seems likely.

Although unlikely, if this selling pressure snowballs, the pullback might extend to $2,400, which would be a 10% decline from the previous level.

News Source

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