Ethereum (CRYPTO:ETH) continues to power higher, hitting a new all-time high Thursday.
Ethereum peaked at $2,800 and continues to have the second-highest market cap of cryptocurrencies behind Bitcoin (CRYPTO:BTC). The continued rise may be due to the potential in staking rewards for Ethereum 2.0.
Below is a technical analysis of the crypto’s chart.
Ethereum Daily Chart Analysis
- Ethereum broke out of an ascending triangle pattern and was able to retest the resistance level as support and hold before moving higher again.
- The crypto is trading above both the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates the crypto has had bullish sentiment throughout the recent months.
- The moving averages are areas on the chart that may hold a support level unless the price makes a strong move downwards through the averages.
Key Levels To Watch
- The crypto was able to break out the ascending triangle and hold the $2,000 level as support.
- Before retesting the $2,000 level, the stock was able to reach $2,500 level. This area may now hold as the new support.
- A break below the $2,500 would let the crypto have room to fall back to the $2,000 level. Below $2,000 the trend in the cryptocurrency could look to change.
What’s Next?
Bullish technical traders would like to see the crypto continue to form higher lows and keep moving higher.
Bearish technical traders would like to see the crypto break below the $2,500 level and fall further to below the $2,000 level.
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