Ethereum ETH price action saw bulls flocking it at $3.250, around the 55-day Simple Moving Average and the monthly pivot, as favorable tailwinds hovered in crypto. For the second week in a row, Ethereum price action broke above a few significant resistance levels and is building price momentum for another leg higher with a possible new all-time high in Ethereum price action.

ETH price action targets $4.646

Ethereum ETH price action added some more buyers to the uptrend it started last week. Both the 55-day SMA and the monthly pivot line offered bulls a good entry point to step in and sit tight for some solid profits. Some profit-taking happened near the monthly R1 resistance level at a price of $3.846 and made price action fade by the end of this week. But the ETH rally has more room to go.

The fade is considered a new discount in Ethereum price action, with buyers defending $3.391 and want to close the week above the $3.687 level. Once from there, a squeeze will happen against the red descending trend line channel from May and be tested in August and September. A break above would be the queue for buyers who want to have a better incentive to join ETH price action, instead of risking getting stopped out so close to that descending resistance level.

Ethereum price action will consolidate with a squeeze against the red descending trend line pattern and break above it. This will add a new buying pressure to the uptrend and will try to at least retest the $4.646 level. A new all-time high would be a critical support headline in the media that would lift Ethereum price action even further, with Bitcoin hitting $60.000 in tandem.

ETH price could see the favorable tailwinds turning into headwinds as Ethereum price action could start to fade further. Bulls will start to back off and wait for more lucrative price discounts as they consider ETH overvalued. Expect bears to go in for the kill quickly and cut short ETH price action towards $2.695 level. If bears can break the 200-day Simple Moving Average just below, it could spell the beginning of a downtrend towards $2.000.

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