The price of the cryptocurrency Ethereum does not stop surprising us, a few hours ago it reached a new all-time high of more than 4K, which makes us wonder how far the current momentum can extend.
At the time of this writing, ETH is trading at $ 4,130, backing slightly after reaching a high of $ 4,208 during the current session. You have accumulated a gain of 5.5% in the last 24 hours and 24.8% in the last 7 days.
Despite how widespread the momentum is, the buying pressure is not thinking about the risks involved in entering such high prices, which makes us think that those who are entering have their vision set in the medium / long term.
The ecosystem is growing, the holders remain firm, and the price has no choice but to go up. See below how more and more Ethereum leaves exchanges and less is deposited. We are hardly at the top of the bull market.
Data such as the ETH premium on Coinbase tell us that the demand for coins by institutions is stronger than ever.
It’s really not a good idea currently to go short in this bull market, and for example, look at how the biggest sell-off of short positions in ETH derivatives today looked, adding more gasoline to the bull run.
Ethereum technical analysis after surpassing 4K
When we look at the monthly chart we notice a big boost from the long-term trend, which has not yet given way to even a slight correction.
As I mentioned, with the fundamentals as they are, it is difficult to think that we are at the top of the bull market, so it is not the time to think that a 2018-style correction is going to happen very soon.
However, no asset goes straight up to the moon. We will always see corrections along the way, no matter how small, and the more the price rises without going back in a healthy way, the more likely it is that it will soon occur, as is currently the case with ETH.
The bull run that took Ethereum above 4K is now 8 months old without giving way to any correction. This does not mean that the upload has to be exhausted right away.
Sitting around waiting for him is pointless. To think about a relevant fall we must first see some sign that tells us that it really can happen.
In the daily chart we also observe a clear upward trend, in this case in the short term.
A push for this trend is in the works. There is no signal at the moment to say that it has been exhausted, so we could even see a new high in the next few hours.
In order for us to think that a major correction could occur, the immediate support located at $ 3,483 must be crossed.
With Ethereum above 4K, without making any healthy pullbacks in the bull run of recent months, it is increasingly likely that we will see it correct a bit. But in the long term, the outlook continues to be totally positive.
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