March 3, 2021

Ethereum eyes new all-time high after bears unable to sink ETH below $900

Bitcoin’s (BTC) price saw a significant 28% correction 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 — or about $70 shy of the all-time high — while the recent low was seen at $910.

January has seen heavy volatility in the crypto markets. The sentiment has been flipping from euphoria to depression and back again. However, the market is still in a bull market even if another correction occurs.

In that regard, it’s just a matter of time until a new all-time high is made for Ether, following Bitcoin’s footsteps.

Healthy correction 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, corrections only occur at the 0.35–0.382 Fibonacci level or the 0.5 Fibonacci level.

This happened in ETH’s case, as the $850 to $925 area is confluent with a previous resistance point. This resistance point is found in 2018 during the multimonth rally from $350 to $900. This slight run-up became the
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