03.02.202109:32 Forex Analysis & Reviews: Ethereum has updated its all-time highs

Ethereum has gained more than 12% yesterday, and its seven-day growth reached almost 21%. At the same time, it is important to note that ETH/USD broke through its all-time highs.

And after breaking the upper border (1290.82 - 1436.48) of the sideways movement, the price passed almost the amplitude of this range.

Now, the questions arise – How long will ETH/USD continue to grow? When will the correction start, and what are the technical guidelines for this?

The reason lies in the fact that when historical highs are broken, it is easy for major market players to push the price further, since there is no "opposition" in the form of limit orders. In theory, the sky's the only limit.

First, let's attempt to approximately outline the targets for XRP/USD using the Fibonacci extension tool. If we set it at the points 907.62 - 1438.17 - 1037.22, we get the 100th mark at around 1566.88, which has already been reached. Therefore, there is a possibility that the correction will begin from the current values.

If you further believe the expansion, the breakdown of the level of 1566.88 will allow quotes to move to the next target, that is, to the level of 161.8. On ETH/USD pair, this is the price level of 1890.71.

So far, this is just speculation. Nevertheless, it is not recommended to go to the purchase from the current values. There is also a reason to assume that a downward correction is approaching even without the Fibonacci extension. There will be a huge stop loss, which will most likely be gotten.

Therefore, we will continue to observe how the situation will unfold.