Ethereum (ETH) on April 13 hit an all-time high at $2,229. The technical indicators are bullish, and the RSI has just passed above 70. Also, the Stochastic oscillator and MACD are both increasing. Hence, the long-term trend may be bullish.
In relation to the weekly frame, technical indicators are also bullish as the daily chart reinforces the findings from the weekly one. Breaking out from a declining resistance line, ETH reclaimed the $1,950 afterward. In light of this, ETH may keep moving upwards, and if it continues to rise, the upcoming resistance would be at $2500.
According to the wave count, the token is in wave five of a bullish impulse which began in March 2020. The sub-wave count indicated in orange hints that the recent price development is a section of sub-wave three.
A possible target for this sub-wave peak is at $2,915, giving sub-waves 1-3 a ratio of 1:1.61. Subsequently, a probable target for the top of the total upward move would be at $3,040.
Notwithstanding, the last target hangs on the exact high and low of sub-waves three and four. The previous target can, therefore, not be calculated presently.
The ETH trend is bullish on the long and short run and is a possible target for the top of the latest movement between $2,915 – $3,040.
Image Credits: Pixabay
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