Ethereum considers new all-time high after bears fail to drop ETH below $ 900

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The price of Bitcoin (BTC) saw a significant correction of 28% during the week, from $ 41,000 to $ 30,000. At the same time, Ether (ETH) also saw a drop of 32%. The recent high for ETH / USD was $ 1,350 – about $ 70 lower than the all-time high – while the recent low was $ 910.

The month of January was marked by high volatility in the crypto markets. The feeling went from euphoria to depression and back again. However, the market is still in a bull market even if another correction occurs.

In this regard, it is only a matter of time before a new all-time high for Ether, following in Bitcoin’s footsteps.

Healthy fix for ETH

ETH / USD 1 week chart. Source: TradingView

Ether corrected to the first level of interest at the 0.35-0.382 Fibonacci level. Traders often use this Fibonacci level to anticipate corrections.

Frequently, the corrections occur only at the 0.35-0.382 Fibonacci level or the 0.5 Fibonacci level.

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This has happened in the case of ETH, as the $ 850 to $ 925 area is confluent with a previous point of resistance. This resistance point is found in 2018 during the multi-month rally from $ 350 to $ 900. This slight acceleration became the final rebound before the market reversed south.

But now the $ 900 region has reversed support, meaning it’s probably more on the upside. As often stated, if an asset drops 30% in an uptrend, it may be worth considering.

Levels to watch after an all-time high are broken

ETH / USD 1 day chart. Source: TradingView

If the correction is complete, chasing is likely to occur with a new pulse wave. In this regard, ETH / USD would be looking for new highs, which can also be determined using the Fibonacci extension tool.

A critical point for the pursuit would be a break above the recent high of $ 1,350. Personally, I would expect to see a bit more consolidation before continuing, but a new wave of momentum is definitely on the table.

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If such a continuation of the impulse wave occurs, the next targets are at the all-time high of 2017 (around $ 1,420), but also at $ 1,600 to $ 1,650 and $ 2,050 to $ 2,100. These latter targets are constructed using the Fibonacci extension tool.