- Ethereum maintains its upward trajectory, supported by the successful defense of the $1,900 level.
- RSI data indicates further gains and new highs for Ethereum.
- Potential correction levels and support areas are identified for Ethereum.
Yann Allemann, the founder of Glassnode, recently shared a detailed analysis of Ethereum, stating that the cryptocurrency is in a bullish trend. He highlighted the successful defense of the $1,900 support level and other technical signals as reasons for Ethereum’s upward trajectory.
Ethereum Analysis: Bullish Trend Continues
In addition to Ethereum’s bullish trend, the analyst pointed out that RSI data also hints at more gains and new highs for the cryptocurrency. In his analysis, Allemann stated, “After reclaiming the $1,900 support and rising to $1,950, Ethereum continues its upward trajectory.”
Allemann interpreted the price rebound from the support level and the upward direction of RSI as signals for potential future gains, following the correction that occurred after Ethereum broke the support at the $1,880-$1,900 levels.
Furthermore, Allemann marked potential correction levels for Ethereum and identified the $1,800 level as the first support area in the event of a downturn. If the price fails to hold at this level, he expects the $1,650 level to act as support.
The experienced analyst implied that investors should not panic in the face of upcoming corrections and added that exciting days lie ahead for Ethereum.
Over the past 7 days, Ethereum has shown a 2.6% increase in price and is currently trading at $1,910.
