ETHEREUM : TOWARDS NEW HIGHS?
- The market has been registering higher tops and bottoms since mid-October 2023, so the long-term trend is bullish.
- More recently, the market entered into a sideways consolidation between $2,400 and $2,180 in which it evolved for a few weeks.
However, prices are currently challenging the upper limit of their trading range at $2,400, for the fourth time, after a strong rebound over $2,180.
The RSI indicator seems to confirm this clearing, demonstrating a growing investor appetite for the asset.
- If this crossing were to be confirmed with a daily candle closure above this level, this would unlock a new bullish potential up to $2,880 with $2,565, $2,675 and $2,830 as intermediate resistances.
A pullback to $2,400 as a new support level for the market could also take place before the rally resurgence.
- More recently, the market entered into a sideways consolidation between $2,400 and $2,180 in which it evolved for a few weeks.
However, prices are currently challenging the upper limit of their trading range at $2,400, for the fourth time, after a strong rebound over $2,180.
The RSI indicator seems to confirm this clearing, demonstrating a growing investor appetite for the asset.
- If this crossing were to be confirmed with a daily candle closure above this level, this would unlock a new bullish potential up to $2,880 with $2,565, $2,675 and $2,830 as intermediate resistances.
A pullback to $2,400 as a new support level for the market could also take place before the rally resurgence.
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