Despite the selling pressure experienced at $1,200, ETH beat all odds and surged beyond $1,400, setting ATH’s record high of $1,423.38. As of this article, the coin is trading at $1,345.23, trying to maintain its dominance around the $1,400 mark.
In the last 5-6 sessions, Ethereum started a sharp spike above the $1,200 zone, outperforming Bitcoin. Top altcoin prices break through barrier significant near 1,245 USD and 1,250 USD to move further into the bullish area.
The Bulls struggling to sustain the uptrend that led to a rally above the $1,280 resistance. Initially, there was a break above the sharply shrinking triangle with resistance near $1,245 on the hourly chart of ETH/USD. Ether price is now above 10% and trading well above the 100 hour moving average.
ETH was previously set to form a maximum around the $1,346 zone, while the price continues to consolidate gains. Initial support is on the downside near the $1315 level. It is approaching the 23.6% Fib correction level of the last wave from $1,215 to $1,346.
To the upside, the $1345 and $1350 levels have initial barrier. A sharp break above the $1.350 level opens the door for rapid advances. In this case, the price of Ether surpassed $1400 and $1420, and so on before a minor correction. As a result, the next significant resistance is approaching the $1500 level.
Analyst Claims ETH Could Rally Higher
In a recent tweet, an analyst stated that he is closely monitoring Ethereum for $1,250 as support before seeing any significant near-term growth.
He noted that the bulls had to survive a break below $1170.
Ethereum is currently trading at key points. The way it continues to respond to important levels just above and below the current price will provide some important insights in the medium term.
However, not everyone is in that bullish position. For example, Mike McGlone, BI’s head of strategic strategy for Bloomberg Intelligence, said in his latest report that Bitcoin, Ethereum, and Ripple’s lead in 2022 demonstrates the resilience of fintech in a world increasingly dominated by zero or negative value quantitative aid.
According to McGlones, Ether, the coin will trade in the $500-700 range in 2022.
While most forecasts look rather optimistic, the cryptocurrency remains as volatile as ever.