Will Ethereum Price form a New ATH?
2021 is expected to be dominated by the Ethereum where-in it showcased some signs of a bull market. However, in the current scenario, the Ethereum price rally appeared to reversed the M-shaped pattern avoiding further plunge. The previously formed similar pattern has always resulted in a major bunce and hence a similar movement is expected shortly.
If in case, the ETH price is successful in flipping the pattern, then the price is expected to form new ATH as predicted by an analyst, Eljaboom. Moreover, another analyst, KALEO, Ethereum may hit $10K+ too.
Nevertheless, ETH still looks in a very good position as it is well above the strong support levels close to $1120. Currently, the price is required to hit the levels above $1290 as said by an analyst Luke Martin to trigger more upside momentum.
Ethereum Price Analysis
Ethereum began the trading hours by surging to the levels close to $1400 by hitting $1391 from $1300. However, the rally appeared to be short-lived as the price slashed drastically to as low as $1182 declining nearly 15% within hours.
However, the asset currently is on the verge to recover the losses and attempting very hard to hold the uptrend very tight. The ETH price at the time of writing is $1255 with a marginal loss of 2.99 percent.
The prime focus at the current stage is to test the resistance levels at $1321 initially, later surge effortlessly to the next levels at $1389. Once done, the Ethereum price rally towards a new all-time high is imminent. The support levels at $1165 need to be avoided to keep the rally intact.