The bull season for altcoins has already begun, some performing better than others of course. Ethereum stands out among alternative cryptocurrencies, with a gain of more than 68% so far this year, getting closer and closer to its all-time high.
At the time of this writing, ETH is trading at $ 1,220.40, accumulating a slight daily loss of 0.28%, but with a bullish technical structure that tells us that the rise could resume soon.
Long-term trend could take Ethereum towards a very distant all-time high
What we see today as a huge revaluation of the ETH price is barely meaning half or less of a long-term boost.
Even with the previous all-time high unbeaten, Ethereum has not even managed to confirm an effective resumption of its historical trend, one that makes it set price records quite far from the previous ones, price levels to which it certainly never returns.
Ethereum’s monthly chart tells us that hitting a new all-time high will be an easy task. . Source: TradingView.
Medium-term trend leaving bearish rejection
In the weekly candle chart we also see a clear succession of increasingly higher lows and highs, which speaks of a medium-term uptrend.
The week that is about to end was a pullback in the crypto market. On the Ethereum vs Dollar chart, it appears that this process has already finished. This vision starts from the premise of the strong bearish rejection that the candle is leaving.
Ethereum vs Dollar weekly chart. Source: TradingView.
To forecast what might happen in the near future, let’s go down to the daily candle chart. Here we note that the short-term trend is also bullish, despite the negative intentions that we saw this week.
After the fall that reached a low of $ 915 on January 11, Ethereum undertook a rapid recovery.
On Friday the bears left an important sign of exhaustion, a wick candle rejecting bearish intentions.
Now this has created a higher low, telling us that sellers do not have the strength to extend the short-term trend they were trying to impose.
It seems quite clear that an all-time high for Ethereum will arrive in the next few hours / days, thanks to an ecosystem totally full of positivism despite the correction we are seeing, investors saving their coins, and an increasingly attractive updated network.
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