Ethereum price has seen a notable rise in recent days, setting a new ATH. In addition, ETH creates a positive outlook in the short term with its next target set at $ 2.507.60. So how was this goal determined? Details are in our news.
Yesterday, ETH reached its all-time high of $ 2,195. It took less than a week to break $ 2,041.42, the second largest cryptocurrency by market cap, from its previous high.
The IntoTheBlock In / Out of the Money Around Price (IOMAP) indicator shows no upside resistance due to the proximity of the new highs. Besides, one can count on solid support between $ 2,044.61 and $ 2,074.48, with 371.4,000 addresses buying over 12 million ETH.
The price chart below shows that ETH, which forms the symmetrical triangle pattern, is moving towards its target of $ 2.507, which is almost a 20% increase from the current price. The 2018 bear market’s extension level of 161.8% is at $ 2,248 and the February correction’s 138.2 extension indicates some resistance may be met at $ 2,327. The 161.8% extension level of the February correction at $ 2.504 aligns with the measured move target of $ 2.507, making it a more important level.
Finally, the absence of high volume emerges as a situation that may prevent reaching new heights. Last week and this week, the volume figures are below average and could be an obstacle for ETH to reach its current outlook target.
Disclaimer: What is written here is not an investment advice. Crypto money investments are high-risk investments. Each investment decision is under the responsibility of the individuals. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.