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The price of Ethereum, the world’s largest altcoin, has been largely range-bound over the last two weeks. The price of ETH has stabilised between $2200 and $2400 in the last 24 hours, and a break out has occurred. If the bullish trend continues, ETH could soon see accelerated market exploration after its ATH, converting a high resistance level into help.
At the time of publication, ETH was trading at $2545, with a market capitalisation of $288 billion. The bulls in the market have helped ETH achieve a price increase of nearly 4% in the last 24 hours.
Ethereum 1-day chart
The price of Ethereum remains within the upper limit set by its immediate resistance at $2651 and its support level near the $2161 price point. If the market’s bullish trend continues, ETH is very likely to convert its resistance level into a critical support level.
In such an example, ETH is expected to smash through its existing ATH and set a new one by a wide margin. The long-term outlook for ETH seems to be very promising, and traders should expect this bullish momentum to continue in the coming days. A reversal in the price of BTC, on the other hand, could be compounded in the ETH market, resulting in a small price correction but not one deep enough to drive the price to its second support level at $1967.
In the long run, the altcoin’s technical metrics seem to be very stable and promising. The MACD index had a bullish crossover earlier in the day, and with how the market is currently changing, a pattern turnaround is unlikely. The RSI predictor agrees with this assessment as it approaches the overbought sector. With a deep buyer demand, the price of ETH is expected to rise significantly in the coming week.
ETH is on the brink of a new all-time high, and if the positive trend continues, it won’t be long. The primary resistance level at $2651 can soon be flipped to strong support, and this level will help ETH bounce back in the event of a price reversal in the coming week.