Ethereum Sets New All-Time High at $4,400
Ethereum appears to be following Bitcoin's ascent. ETH hit a new-all time high today following a parabolic upward move.
- Ethereum is up more than 16% in the past 24 hours.
- The sudden bullish impulse has helped ETH hit a new record high of $4,400.
- As ETH enters price discovery mode, the next target sits above $9,000.
Share this article
Ethereum has entered price discovery mode after breaching its previous all-time high at $4,380. As greed appears to be taking over the market sentiment, further buying pressure could see ETH double in market value.
Ethereum Sets New Record High
Days after Bitcoin recorded a new all-time high of $66,990, Ethereum has hit its own new milestone. The second-largest cryptocurrency by market ca sliced through its previous peak to reach a new record high at $4,400 early Friday, before a slight cool-off. Now, it appears to be looking for further gains.
The $4,000 resistance level breach on Oct. 20 marked a pivotal point on Ethereum’s trend as it confirmed the beginning of a new bull run. Overcoming this crucial hurdle signaled a breakout from a cup and handle formation that had been developing on ETH’s daily chart since mid-May.
Ethereum has had several catalysts behind its upward momentum this year, including a boom in the nascent NFT space and the launch of its EIP-1559 fee burning proposal. Since EIP-1559 shipped in August, around 670,000 ETH worth nearly $3 billion has been removed from the overall supply.
The bullish continuation pattern projects a 135% target for Ethereum, determined by measuring the distance between the bottom of the cup and the pattern’s breakout level and extending that distance upward from the breakout. Therefore, a steady increase in buying pressure behind ETH could see it rise as high as $9,350.
The optimistic outlook for Ethereum could prevail as long as it holds above $4,000. However, a failure to maintain this crucial level could create panic among traders, encouraging them to exit their long positions. The potential spike in selling pressure could push ETH to retest $3,400 or even the $3,200 support level before the uptrend resumes.
ETH is currently trading at $4,342, which puts Ethereum’s market cap at around $512.8 billion.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.