ETH price analysis: Accelerated rally to 2500 US dollars in the course of the Berlin upgrade, increase in transactions with Ethereum whales
Ethereum continued to push for new all-time highs on Thursday as the ETH price rose to $ 2,486 for the first time. Ethereum’s weekly growth is 21.11%, while its gains rose more than 110% in the first quarter of 2021. At the time of writing, Ethereum switched hands at $ 2,461, up 3.06% in the past 24 hours. Ethereum ranks second in the Coinmarketcap table and has a current market capitalization of $ 284 billion in the last 24 hours and a trading volume of $ 34.5 billion. The Ethereum network had a major update called “Berlin” that took place at block number 12.244.000. Reaching record levels on Ethereum means more opportunities for whales to take big steps. In the on-chain analysis, Santiment stated that transactions with Ethereum whales were slightly more modest than those with Bitcoin, but showed growth.
* *The ETH price rose to USD 2,486 for the first time
* *Ethereum switched hands at $ 2,461, up 3.06% in the past 24 hours
* *The Ethereum network had a major update called “Berlin” that took place at block number 12.244.000
Resistance Levels: $ 3,000, $ 2,650, $ 2,500
Support levels: $ 2,300, $ 2,200, $ 2,100
ETH / USD daily chart: bullish
ETH / USD daily chart
ETH / USD continued to gain today after closing higher for two days in a row. Today’s move has taken the pair to record highs of $ 2,486. Ethereum resumed its uptrend from the lows of $ 1,534 on March 25th. The RSI is flattening out at 74, which could suggest the bulls are pausing to take a breather. The ETH stabilized around the record high and interrupted the strong upward trend.
If the market manages to regain momentum and jump above the all-time high of $ 2,486, the next target could be the immediate psychological number of $ 2600 and $ 3000. On the flip side, if the ETH / USD pair deviates from current levels, it could fall to the support at $ 2102. A break below the $ 2102 level could expose the support at $ 1929 before the MA 50 at $ 1834.
ETH / USD 4-hour chart: bullish
ETH / USD 4-hour chart
On the 4-hour chart, ETH price is consolidating near the newly formed record highs as the resistance at USD 2486 remains a hurdle. ETH price could continue to move sideways within the USD 2400 and USD 2486 levels except that the overhead resistance is flipped. If the ETH price breaks out above the USD 2486 level, further gains can be expected. ETH is likely to target new record highs of $ 2,600 and $ 3,000 if buying interest rises.
ETH is now trading on uncharted territory, having hit new all-time highs, which means that there is no defined resistance ahead of us. Alternatively, a break below the immediate support at $ 2400 could put the spotlight on the $ 2295 and $ 2135 support. A continued continuation of the downtrend could mean that Ethereum could potentially signal a decline in the MA 50 support level at USD 2183. The trend will shift down if the ETH / USD pair sees a declining closing price below the MA 50.
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