Saad Ullah
According to Skew analysis, Ethereum (ETH) Open Interest has reached the all-time high.
That may be connected to the leading altcoins reaching the new peaks. At the moment, Ethereum (ETH) is trading around the vital $400 mark.
As for the technical analysis, here is what the situation looks like.
ETH/USD quotes on the daily chart broke through all the nearest resistance levels, which can act as strong support in case of a return to them. The values of the RSI indicator were also able to overcome the downtrend line.
A price correction to the level of $355 will provoke a return of the indicator values to this line, which can push price of the asset to new tops. In case it overcomes the level of $430, it is worth to consider a continued aggressive growth to the $515 level.
Cancelation of the described option may result in the exit from the support area with the price-fixing below the $355 level, which will confirm the breakdown of the lower boundary of the ascending channel and the continuation of the decline to the $290 level.
On small time frames, quotes rise within the ascending channel. Here, too, the Triangle pattern is formed, which, as a rule, breaks out in the direction of the trend. A rebound from the trend line on the RSI indicator also speaks in favour of a further rise in prices.
The breakdown of the upper border of the Triangle model with the consolidation of quotations above the $405 level will serve as a confirmation of the continued bullish impulse. The immediate target of growth is the $420, overcoming which will indicate an acceleration of the rise to the $460 level.
Cancelation of the proposed scenario may be a breakdown of the lower boundary of the model with the price-fixing below the level of $360, which will cause the quotes to move beyond the boundaries of the ascending channel and decrease them to the level of $300.
Ethereum is trading at $395.84 at press time.
Saad Ullah
