Ethereum has been bullish since yesterday evening. The price managed to rise above the resistance levels of $1250, $1350, and $1400. At the time of publication, the ETH/USD pair is trading at around $1420. Thus, the price of Ethereum has reached a new all-time high.
Analysts believe that the relative stability of Bitcoin has a positive impact on the price growth of not only Ethereum but also other altcoins. Buyers and sellers tried to control the price, but the bulls were stronger.
In the medium term, the forecast for Ethereum remains optimistic. However, investors assume that we will see a price correction before the new growth. Ethereum will repeat Bitcoin's scenario. When Bitcoin reached a new all-time high, it was traded about 24 hours near its all-time high and then showed a correction.
Ethereum gets some resistance in the 1400-1420 area. If it manages to climb higher, we will see the growth of the ETH/USD pair to the $1500 area.
With a solid close above $1425, which also closes above the main Gann square of $1450, the new long-term target will be $1762. Before that, there is another large Gann square at $1602 to look for resistance.
The next few days should provide some insight into the future of Ethereum. And there is no doubt that Bitcoin will have an impact on the further movement of the Ethereum price.