Ethereum's price (ETH) crossed the $4,200 mark, a significant event in the cryptocurrency market. This level has not been seen since December 2021, and analysts note that the price may be heading towards an all-time high.
Bulls Eye the ATH
The last time ETH was at this price level was in 2021. This is a strong signal to the market that buyers are serious and ready to push this cryptocurrency to even higher prices. Right now, the main target is the all-time high at $4,862. Once that level is broken, ETH can enter price discovery.
Bulls Dominate the Chart
Since April, the cryptocurrency has been in a strong uptrend, experiencing only brief corrections before continuing to rise. In early August, sellers attempted to keep ETH below $4,000 but ultimately failed, allowing the price to break that resistance and move higher. The $4,000 level is now acting as key support should sellers return.
Clear Uptrend on Weekly MACD
A look at the weekly MACD shows a steady uptrend with no signs of a possible reversal. As long as the MACD histogram continues to make higher highs, this rally will continue. Moreover, the moving averages are expanding, which gives a bullish bias. In light of this, Ethereum is on a collision course with its ATH at $4,862.
The rise of Ethereum's price to over $4,200 indicates a potential for further growth if the bullish trend persists. Current support and resistance levels play an important role in the market's future movement.
