ETH/USD surged higher on Thursday and hit a fresh all-time high at 42 levels. It is currently trading at 39 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 25.21

Kijun Sen: 23.55

On the upside, resistance is seen at 45.97 levels (161.8% extension of 5.92 and 30.67 rally) and a break above would see it testing 50 (psychological)/55.43.

Overall trend is extremely bullish with no signs of reversals on daily charts. However, caution is advised as stochs and RSI(14) are in overbought zones.

According to CoinDesk, the surge in ether price comes at a time when the SEC rejected the bitcoin ETF proposal. Cryptocurrency fund manager Jacob Eliosoff told CoinDesk that bitcoin’s ongoing challenges only make alternatives look more appealing, adding that ethereum remains the top alternative.

The pair is likely to find support near 35.97 (200% retracement of 21.48 and 7) and a break below would target 30.07 (4H 20-SMA)/27.18 (5-DMA).