Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Chart Of The Day: Ether Bulls Eye New High

By Fawad RazaqzadaCryptocurrencySep 03, 2021 15:34
Chart Of The Day: Ether Bulls Eye New High
By Fawad Razaqzada   |  Sep 03, 2021 15:34
Saved. See Saved Items.
This article has already been saved in your Saved Items

This article was written exclusively for

Cryptocurrencies are continuing to show strength with Bitcoin holding bullishly around the $50K level and others like Ether, Cardano and Solana all breaking out. Indeed, after a big breakout on Monday, ETH/USD looks poised to rally further. Will it break to a new record high?

Bitcoin has now spent several days trying to break the $50K hurdle. The longer it holds here, the bigger the resulting move will be, should it decide to eventually move higher.


If Bitcoin does break higher, this will likely provide further impetus for altcoins. But while BTC makes up its mind, some of the altcoins are already on the move, not least Ethereum.

After breaking out on Wednesday, ETH/USD consolidated its gains on Thursday. At the start of Friday’s session, it looked like ETH would push further higher after the move below Thursday’s low lasted for only a few moments. At the time of writing, ETH/USD was near the day’s highs, threatening to break out to a new multi-week high and towards the next psychological hurdle of $4000.


Clearly, the path of least resistance is to the upside, and I wouldn’t bet against Ether reaching the $4K hurdle or even a new record high above May’s peak at $4352 in due course. If it gets to a new high, then all the attention would be on where to next. I reckon it could go on to reach the $5K hurdle, where we have the 127.2% Fibonacci extension level converging. 

But let’s not get ahead of ourselves just yet. It is important that if ETH/USD does break above short-term resistance circa $3840 that it holds the breakout. If it fails to do so, then we could see a sharp pullback as disappointed bulls cover their positions. In this potential scenario, ETH could go on to drop to the next key support area around $3350 first before we potentially see renewed strength again.

Regardless of what it does in the short-term, the longer-term technical outlook remains positive for ETH/USD given that it is sitting comfortably above the 200-day simple moving average, with the faster-moving 21-day exponential average also trending higher. Prices have been climbing inside a bullish channel, which is a further indication of a strong market.

So, I would concentrate on buying the dips at or around support and look to take partial profits along the way around the levels discussed. 

But it is important to leave some funds invested in the crypto in case it does what Bitcoin did last year. You will never know 100% what the markets will do, but in order to take advantage of a potentially big rally, you have to be in. By taking partial profits along day, this reduces the urge to completely close out your position—and prematurely. 

Chart Of The Day: Ether Bulls Eye New High

Related Articles

Chart Of The Day: Ether Bulls Eye New High

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
Sign up with Email