Ethereum Rally Far from Over: What's Next for ETH?

Bitcoin (BTC) is still floundering down at $110,000, while the rest of the crypto market is perhaps just starting to rise out of this latest dip. Ethereum (ETH) is still prominent among the altcoin gainers. How far can $ETH go on this next potential bounce? 

Total2 primed for a bounce

Source: TradingView

The Total2 chart is an excellent barometer of the health of the altcoins. It tracks the price movement of the combined market cap of all cryptos, excluding $BTC. It can be seen in the weekly chart above that strong horizontal support has been found, and that this coincides with an ascending trendline. Once the current dip is over, of which there are signs, a strong push up in Total2 past the resistance at $1.64 trillion would signal a lift in the altcoins, with $ETH being one of the major beneficiaries. The all-time high is just overhead for Total2 at $1.69 trillion.

$ETH short-term higher highs and higher lows

Source: TradingView

The daily chart for $ETH shows the price rising serenely. It’s looking like a higher low is just being put in, and this should combine well with the recent higher high. The Stochastic RSI indicators are heading downwards, but another day or two could see them turn back around, signalling upside momentum for the price.

$ETH back to all-time high and beyond?

Source: TradingView

The weekly chart for $ETH bodes well for more upside price action. The all-time high that stretched all the way back to the end of 2021 has now been surpassed, so once $ETH gets back above $4,950 price discovery can continue.

The Stochastic RSI indicators are snaking along the top of their range, and the MACD indicators are continuing to rise, with higher green bars being printed in the histogram.

$ETH up 125% against $BTC

Source: TradingView

Against its $BTC pair (ETH/BTC), $ETH is still doing the business. Up 125% from the bottom, $ETH has recently come back to confirm 0.04 BTC as the latest support level. As can be seen in the chart, the next levels for ETH/BTC to surpass are 0.045 BTC, 0.05 BTC, and 0.06 BTC.

ETH/BTC hits powerful descending trendline - breakout or rejection?

Source: TradingView

Moving out into the weekly time frame for ETH/BTC a cautionary note is evident. The ETH/BTC pair has just hit a very powerful descending trendline. Whether $ETH is able to surpass this could have a big impact on how successful the rest of its bull market will be. 

The Stochastic RSI indicators at the bottom of the chart are bunching up and could be about to come back down. If they do so, expect the price to also come down.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.