- Data shows ETH experienced a 24-hour gain of 2.66%, trading at $1,686.15.
- ETH has broken past a medium-term negative trend line on its weekly chart.
- If ETH’s weekly candle closes above $1,755, we might see it hitting $2,130 in the upcoming months.
Ethereum showcases promising signs of a bullish resurgence as technical indicators hint at a potential breakout. Investors keep a keen eye on key resistance and support levels.
ETH’s 24-hour Performance Sparks Interest
Data reveals that Ethereum (ETH) ascended by 2.66% in the last 24 hours. As a consequence, this leading altcoin, in terms of market cap, stood at $1,686.15 during press time. Technical indicators also hint that this cryptocurrency might be on the verge of a significant bullish trend shift.
Breaking the Bearish Shackles
ETH’s transcendence above a crucial trend line on its weekly chart in the recent week is considered a bullish technical sign. Moreover, the top altcoin’s value remained above this line, suggesting that ETH might be exiting the bearish cycle it’s been entangled in for several months.
Predictions: The Bullish and Bearish Scenarios
A definite confirmation of ETH breaking its bearish cycle might be its ability to close a weekly candle beyond the $1,755 resistance. If it achieves this in the upcoming two weeks, the path to $2,130 seems clear. Contrarily, a closure below $1,645 might suspend the bullish narrative, pushing ETH to possibly revisit the $1,555 support, or even plummet to $1,460 in the succeeding months. On a daily spectrum, ETH’s breach above the $1,645 resistance is noteworthy. A closure above this in the next two days might see ETH aiming for $1,755 shortly. However, if the price dips below $1,645 in the same timeframe, ETH might drop to $1,555 within a week.
MACD Indicates A Positive Momentum
For investors and traders, the daily MACD line surging above the MACD Signal line on ETH’s chart is of great significance. This trend suggests that ETH’s favorable momentum might persist for the next 24-48 hours.
Conclusion
In the volatile realm of cryptocurrencies, Ethereum seems to be showing robust signs of a bullish turn. With technical indicators supporting this upward momentum and key resistance and support levels in focus, the crypto community watches with bated breath. Whether Ethereum fully enters a bull run or retests its support levels, the next few days promise to be crucial for its trajectory.
