The Ethereum price rally swelled notably and rose above the all-time highs, accumulating longs. The price smashed an all-time high at $2,197, expecting a rally for ETH price above $3000 in coming days
The high infused liquidity in the platform gave a major push to the price, also a significant rise in the market capitalization was also registered. The price is expected to maintain an uptrend and rally may hit the price above $3500 according to analysts, Alanmasters.
According to the chart posted by the analyst, the price has consolidated well for more than 2 months. Also the resistance has slowly been eating up. Resulting new all-time highs manifesting mainly bullish signals.
Despite a significant growth in the volume, the volume still appears to be low which signifies many unexpected movements approaching soon. The fibonacci levels manifested the next target at $2500 and later close to $3500 shortly.
Ethereum Price Analysis
The ETH price dip attracted many strong hands into the platform that pushed the price to new ATH. With the breakout of this bullish channel, $2600 is the next set target for the price in the current trading month.
The price bounced enormously from the 20-day MA at $2017 and rose high to the current levels around ATH. The price needs to flip the resistance levels into support and hinted for a more higher level in the short term.
Coming to the indicators, the RSI indicators manifest a clear bullish trend trending within the overbought region above 80. The MACD also indicates a buy signal as the MACD line crossed the signal line in recent times.
At the time of writing, the Ethereum price is $2168 with a jump of nearly 4.42%, trending close to ATH at $2,197. Currently the price needs to set more higher levels as mentioned above and neglect the support zones close to $2000. Moreover the ETH price rally points out towards a strong buy signal.