Is Ethereum Approaches a New ATH?

Is Ethereum Approaches a New ATH?

Is Ethereum Approaches a New ATH?

The world’s second most popular cryptocurrency Ethereum is also nearing the all-time high it set earlier this year as ETH prices gained close to 9% in the past 24 hours to trade.

Powell on how high and persistent inflation is a growing concern that could cause the Fed to end its bond purchase program sooner than expected.

Jerome Powell: “At this point, the economy is very strong, and inflationary pressures are high. It is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, which we actually announced at our November meeting, perhaps a few months sooner” 

Today’s Ether price briefly touched $4,760, exciting investors and reminding the world that the altcoin is a mere 2.2% below the $4,870 all-time high reached 20 days ago.

Ready For a Rally

ETHUSD rallied as well and it is less than 3% from the all-time high at $4,868. As such, the current support is found at $4,350, and the resistance is represented by ATH. Considering the major breakout versus BTC, ETH seems likely to continue its rally and the only significant resistance left now is the all-time high on the USD chart.

Ethereum’s breakout on the Bitcoin chart and the fact that it is less than 3% from the current all-time high at $4,868 shows that Ethereum is likely ready for a new rally.  If it can break above the all-time high, then it will enter price discovery which could lead to a fast price increase.

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