Market leader Bitcoin successfully achieved a new ATH with a high of just over $70,000. However, this rally was short-lived as the market experienced significant short selling in each portfolio.
Positively, Elite Coin has successfully regained momentum in the last few hours and bounced back on the charts. At the time of writing, ETH tokens are trading at a price of $3,906.57.
Ethereum tokens heading for a new record high!
The cryptocurrency industry continues to see huge price fluctuations, with top tokens rising and falling significantly in value. Market volatility has leveled up as BTC price experiences a new ATH.
Ethereum tokens rose 2.14% over the past 24 hours, signaling a bullish reversal in the cryptocurrency market. Additionally, ETH price is up about 15.35% in the last 7 days and 63.34% in the last 30 days.
Additionally, Ethereum, the star altcoin, is about 20% away from hitting a new all-time high (ATH), highlighting growing investor interest in altcoins. Moreover, the market hints at a high possibility of an alt season that could act as a catalyst for ETH price to hit new ATHs.
Moving Average Convergence Divergence (MACD) displays a persistent green histogram, indicating a strong bullish influence in the cryptocurrency industry. The averages also show an upward pattern, suggesting positive price action for the token in the coming weeks.
Will ETH price continue to rise?
The Ethereum token is currently testing the key resistance level of $3,930 soon, the outcome of which is unpredictable. If the Star altcoin holds above that level, it will be poised to test ATH at a future high of $4,881.
Conversely, if a trend reversal occurs, ETH price may lose momentum, delaying the achievement of the new ATH target.