Ethereum Races Toward All-Time High

Ethereum has finally broken through the critical resistance level of $3,962.0 after multiple failed attempts. Notably, the bulls made three unsuccessful efforts to surpass this level in the previous year, with the third attempt extending from late December into January. Following each rejection, a bearish trend emerged, with sellers driving the price significantly lower.

The most recent test of the $3,962.0 resistance level resulted in the formation of a double-top pattern, which typically signals a bearish reversal. Consequently, a downward retracement followed, pushing the price toward the key support level of $3,504.0. However, after testing this level, Ethereum reversed course decisively, ultimately enforcing a strong breakout above the previous resistance.

Ethereum Key Levels

Demand Levels: $3,504.0, $2,785.0, $1,504.0
Supply Levels: $4,867.0, $5,000.0, $5,100.0

What Are the Indicators Saying?

Following the last retest of the $ 3,504.00 support level, the Williams Per cent Range (W%R) indicator signalled that the asset was oversold, triggering a swing low and reigniting bullish momentum. Simultaneously, the price tested the 30-period Moving Average (MA), which provided additional support and served as a springboard for the rally. Currently, Ethereum is surging aggressively toward the $4,667.81 level, demonstrating strong upward momentum as it approaches its all-time high.

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