Ethereum The price continued to generate bullish signals, confirming the previous important resistance as support. The price is expected to continue rising in the near future.
ETH price has been rising ever since it reached a higher low of $1,523 in the week of October 9-15, 2023. During the rise, the price broke above the key $2,100 resistance zone, which has been confirmed as support for the last 5 weeks. This confirms that the upward trend that started at the beginning of 2023 continues, indicating a change in sentiment from selling on rallies to buying on declines.
The weekly RSI has broken above the long-term resistance line and is moving towards the overbought zone. Both are bullish signals that benefit the bulls.
Therefore, ETH price is likely to continue rising towards the next important resistance zone at $3,500. This figure represents an increase of 45.50% from the current price level.
The daily chart shows that Ethereum price has been trading in a range between $2,100 and $2,400 since December 5, 2023. This suggests a balance between bullish and bearish sides.
However, a positive sign is that the daily RSI broke above the descending resistance line that has formed since the price remained limited in this range.
Breakouts in the RSI often lead to similar breakouts in price action. Moreover, the daily RSI is above 50 and sloping upwards, supporting the possibility of further upward moves.
Therefore, ETH price could rise above the current range and rise towards the next resistance zone at $2,950 in the coming days.
The most likely scenario shows that the ETH price will continue to rise in the near future. The immediate target is $2,950, with the potential to reach $3,500.
This bullish view will be invalidated if ETH price declines below the $2,100 level on the daily time frame.