For the first time since Ethereum became a tradeable asset, it finally crossed the $2,500 mark to record a new all-time high.
The new milestone came just within 48 hours of Berlin, the latest Ethereum network upgrade went live. No doubts some of the aims of the new upgrade is taking place.
The break above $2,500 is an inevitable one as the bulls have put in a lot of efforts to see Ether surge this high. The first time ETH showed signs of breaking above $2,500 was during the last 48 hours but was met by stiff opposition.
During the price hike towards $2,500 on April 14, crypto’s second-largest coin hit a high of $2,386 before the bears took over and brought prices down to $2,334.
After the little setback, prices went bullish as climbed as high as $2,421 before the day’s end. The bullish momentum extended to the last 24 hours which saw ETH gradually flip various resistance to record a new ATH.
At the time of writing, Ether current all-time high is $2,543 and higher on some exchanges.
Coinfomania also foretold of the inevitable price breakout above $2,500. A market outlook published a couple of hours before press time states that with the new upward trend, prices may break the previous all-time high of $2,487 to trade above $2,500 before the end of the next 24 hours.
With the new all-time high a price correction is underway. Ether may revert to its $2,400 support and trade at that mark before another price hike.
For the days ahead
Extreme sellers congestion may see ethereum dip to as low as $2,300. The bears will be more thrilled to see ether this low and it will slow the journey to $3,000.
A strong defence at $2,400 will see the bulls fend off further price corrections. The buyers will also be excited to see prices as high as $2,600 during the next 24 hours.
If Ethereum ends the next 24 hours above $2,600. Ether may as well close the week above $2,800.
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Author: Gideon Geoffrey