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In the European pre-market, Ethereum ETH is trading at its maximum history for now, of $4,037, at the moment of writing this analysis.
In the chart, you can see a count that we have indicated of 15 days of rise in ETH with a yield of 82% in that short period. Now it is showing overbought levels and approaching +1/8 of murray around $4,062, with an imminent correction.
Last Monday, May 3, a week ago the cryptocurrency hit its historical maximum, exceeding $3,000. Now it is increasing by 32% in 7 days.
One of the factors that led Ethereum to reach these historic highs is the development of a season of coins which has to do with a growth in the dominance of market capitalization by altcoins, such as ETH.
Also Elon Musk in a television program spoke in a good tone about the visibility of this cryptocurrency. Musk referred to ETH as one of the fastest growing cryptocurrencies, along with bitcoin and dogecoin (DOGE).
Without a doubt, the markets are nourished by these comments, and they act immediately to buy these cryptocurrencies, as we saw in this strong bullish movement of ETH.
On the technical level, we note that Ethereum is reaching an extreme overbought level in the +1/8 zone of murray ($4,062), this level is key, as there could be a correction movement.
The technical reading of the eagle indicator shows that ETH is in an overbought zone, as the indicator signal is at 95, showing an imminent correction.
On the other hand, if the price of ETH surpasses this level of $4,062, the next resistance level is located in the +2/8 zone of murray at $4,375, and the immediate dynamic support is found at $2,945.
Our recommendation is to wait for a consolidation below $4,062, and sell below this level, with targets at $3,900 and $3,750.
A pullback below $3,900, there could be a strong correction to the $2,945 level, at this level is the 200 EMA that could give us a new opportunity to buy.
Support and Resistance Levels for May 10 - 11, 2021
Resistance (1) $4,121
Resistance (2) $4,265
Resistance (3) $4,375
Support (1) $4,011
Support (2) $3,904
Support (3) $3,867
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