Ethereum has reached a new high of $2,486, with the Berlin hard fork just hours away
The price of Ethereum could break above $2,500 and see new record highs after bulls came close to breaching the barrier earlier today.
Ahead of the Berlin upgrade, which is set for block 12,244,000, the price of Ether has held above $2,450. The countdown to the hard fork shows that Berlin will go live at 10:13 UTC on Thursday, 15 April 2021.
Looking at the ETH market, bulls have managed to stay above the critical price level of $2.4k after an earlier sell-off to $2,280. The recovery suggests an influx of buying pressure could drive ETH/USD above $2,500, with the technical picture projecting a short term run to $2,700.
Ethereum price outlook
The Mean Reversal Channel indicator shows that ETH/USD is 32% above the mean price of $1,669. The pair has stayed above the breakout point at $2,126, which acted as the main resistance on the last leg up. The price level also coincided with the middle line of an ascending channel on the daily chart.
Since ETH broke above the channel’s midpoint, it has printed three consecutive green candles, with current price levels just below the upper limit.
The MACD is increasing within the bullish zone and the RSI is trending positively in the overbought territory. Although the latter suggests slight pressure from sellers is likely, the overall picture favours bulls.
Per the MRC indicator, the next major resistance level above $2,500 will likely be $2,773. The expected resistance is near the 127.2% Fibonacci level of the swing from the $1,518 low to the $2,486 high, which offers a price target of $2,742 if bulls maintain the upward trajectory.
On the downside, Ethereum could see an increase in sell orders as some investors look to book profits above $2.5k. This scenario would impede a swift upside, with the pullback likely extending to the 78.6% Fib level ($2,274).
From here, bears might try to revisit the breakout line at $2,126. If this happens, Ethereum’s price could decline to the psychological $2,000 support, just above the 50% Fib level ($1,999).