According to Skew analysis, Ethereum (ETH) Open Interest has reached the all-time high.
That may be connected with the reaching of the leading altcoins the new peaks. At the moment, Ethereum (ETH) is trading around the vital $400 mark.
In terms of the technical analysis, the situation is the following one.
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 $355 level will provoke a return of the indicator values to this line, which can push the asset price to new tops. In case of a breakdown of the $430 level, it is worth considering continued aggressive growth further to the $515 level.
Cancellation of the described option may be 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.
Confirmation of the idea with the continuation of the bullish impulse will be the breakdown of the upper border of the Triangle model with the consolidation of quotations above the $405 level. The immediate target of growth is the $420 level, overcoming which will indicate an acceleration of the rise to the $460 level.
Cancellation 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.