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Ethereum hits new all-time high of 4,842.65

Ethereum is trading in the red at 4,745.97 at the moment of writing. Still, the current retreat could be only a temporary one after reaching a new all-time high. Bitcoin has retreated a little as well after reaching a new record high of 68,564.40.

BTC/USD's rally helped altcoins to climb higher as well. Personally, I am using this correlation in crypto trading. Ethereum is up by 0.14% in the last 24 hours and by 5.38% in the last 7 days.

After reaching a new all-time high, we cannot exclude a temporary decline. So, maybe you should wait for a temporary correction before taking action again.

ETH/USD Retests Broken Resistance

analytics618ae44663fae.jpg

As you can see on the H4 chart, the price of Ethereum has jumped above the ascending pitchfork's warning line (wl1). It has found resistance right above the weekly R1 (4,808.71). Now, it has decreased a little to retest the warning line (wl1).

Staying above this level could signal potential growth. Dropping and stabilizing below this dynamic resistance could announce a larger retreat. On the other hand, making a new higher high, that is, a new historical high, and stabilizing above the weekly R1 could activate potential growth towards the 5,000 psychological level.

ETH/USD Outlook

The bias is bullish as long as it stays above the warning line (wl1) and above 4,670.81 former high. Coming back and stabilizing above the R1 (4,808.71) may signal strong buyers and potential further growth.

The material has been provided by InstaForex Company - www.instaforex.com