Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Ethereum, the king of the altcoin market, has seen a considerable surge on the price charts lately thanks to Bitcoin‘s bull run. At press time, Ethereum had hit a price level of $743, a price level last seen back in May 2018. Clearly, unlike Bitcoin, Ethereum hasn’t hit its 2017 ATH, with ETH still needing an 87% surge to do so.
At the time of writing, Ethereum was facing a resistance level that could easily get invalidated if the buying pressure continues.
Ethereum 1-week chart
Source: ETHUSD on TradingView
As previously mentioned, Ethereum invalidated a couple of bearish signals, just like Bitcoin did. This was mainly due to the buying pressure from institutions, coupled with sell-side liquidity drying up and retail FOMO. This seemed to be the perfect concoction for a parabolic price surge.
Ethereum was sticking to the ascending channel pattern on the weekly timeframe and was expected to hit a ceiling at $624 and $655. However, the buying pressure and FOMO contributed to the price shattering through this glass ceiling and surging to $747.
What seemed even more interesting was that the press time level was just below the 0.5-Fibonacci level of the trend-based Fibonacci tool extending from the highs…