- Ethereum price has set up a fresh new all-time high at $3,000.
- This record level comes after ETH crashed twice in the past month.
- A continuation of this rally could propel the smart contract token to $4,295.
Ethereum price has hit a new record level despite facing multiple market crashes over the last couple of weeks.
Ethereum price sets a new high
Ethereum price has risen 53% in the past month to hit a new all-time high at $3,000. The altcoin pioneer has yielded a whopping 313% returns since the start of 2021, while Bitcoin sits at 100% so far.
ETH’s brilliant performance in the face of adversity has paved the way for altcoins.
If this bullish momentum continues to pour in, Ethereum price could surge another 42% to hit the 162% Fibonacci extension level at $4,295. However, the daily chart reveals that ETH has shot up nearly 35% without a correction for almost a week. Hence, investors should be wary around this new all-time high.
ETH/USD 1-day chart
However, if the investors start booking profit around the $3,000 level, an 11% downswing to retest the recent swing high at $2,645 seems likely.
Although unlikely, if this selling pressure snowballs, the pullback might extend to $2,400, which would be a 10% decline from the previous level.