ETH Reaches All-Time High In Anticipation Of Berlin Fork
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A hard fork for ETH (ETH) will occur on April 14. The fork is named ”Berlin”. It will materialize at block 12,244,000.
ETH has reached a new all-time high price on April 13. It is expected to continue increasing towards the targets provided below.
Weekly ETH movement
In the first week of February, ETH reached a new all-time high price. After returning to validate the previous resistance as support (green arrow), it continued to move upwards.
So far, it has reached a new all-time high of $2229, doing so on April 13.
Technical indicators are still bullish. The RSI has just crossed above 70. The MACD and the Stochastic oscillator are both increasing.
Therefore, it is likely that the long-term trend is bullish.
Ongoing Breakout
The daily chart supports the findings from the weekly one. ETH has broken out from a descending resistance line and reclaimed the $1950 are afterward.
Similar to the weekly time-frame, technical indicators are bullish.
Therefore, the token is expected to continue moving upwards. If it continues doing so, the next resistance would be found at $2500. This is the 1.61 external Fib retracement of the most recent downward movement.
ETH Wave Count
The wave count indicates that the token is in wave five of a bullish impulse that began in March 2020.
The sub-wave count is given in orange. It suggests that the current price movement is part of sub-wave three.
A potential target for the top of this sub-wave is found at $2915. This would give sub-waves 1-3 a 1:1.61 ratio.
Afterward, a potential target for the top of the entire upward move would be found at $3040.
Nevertheless, the final target depends on the actual high and low of sub-waves three and four. Therefore, it cannot be accurately determined at the current time.
Conclusion
To conclude, the ETH trend is bullish in both the long- and the short-term. Due to this, a potential target for the top of the current movement is found between $2915-$3040.
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