Since October 19, the price of Ethereum (ETH) has risen significantly, peaking at $1,854 today.
The price reached a descending resistance trendline after the climb confirmed a long-term ascending support trendline. Can Ethereum become popular?
Bitcoin Jumps at Almost 500-Day Rising Support Trendline
Since its June 2022 low of $882, the price of Ethereum has risen in tandem with an upward support trendline, as seen by the weekly time frame chart.
Can Ethereum (ETH) Extend its 20% Surge to a New Yearly High,Can Ethereum (ETH) Extend its 20% Surge to a New Yearly High
Thus far, the upward movement’s slope has been determined by the support trendline.
The price of ETH recovered at the October trendline, and the following week it produced a bullish, engulfing candlestick (green symbol). This kind of bullish candlestick occurs when all of the preceding period’s decline is reversed in the next one.
The Relative Strength Index (RSI) for the week is positive.
Traders may use the RSI as a momentum indicator to assess if a market is oversold or overbought and make decisions about buying or selling assets.
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If the RSI value is over 50, bulls have an edge; if it is below 50, the inverse is true.
The green circle represents the RSI, which is rising and recently crossed over 50, both indicators of a positive trend.
Whales Are Still Buying Ethereum
The Ethereum price’s on-chain data indicates a favourable outlook. This is particularly clear while observing the motions of whales.
Two whales took out 39,450 Ethereum from Coinbase early this morning, valued at around $68 million. Subsequently, a more whale took out $15 million worth of Ethereum from Coinbase an hour ago. Thus, in the last day, 83 million ETH have been taken out of centralised exchanges.
Large fluctuations like this frequently result in a supply shock, which raises prices since there isn’t enough liquidity to meet demand for an item.
This may get even worse if former Frog Nation CFO 0xSifu gets liquidated. Over $21 million in ETH short position on Synthetix perpetual contracts is held by his account. If the ETH price exceeds $1926, he may be facing liquidation.
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Price Forecast: Will the Ethereum Yearly High Be the Next Objective?
The daily period technical analysis offers a positive prediction as well.
It demonstrates that a long-term bullish divergence in the daily RSI (green) preceded the climb. When a price decline is followed by a gain in momentum, this is known as a bullish divergence. It frequently comes before bullish trend reversals.
Can Ethereum (ETH) Extend its 20% Surge to a New Yearly High,Can Ethereum (ETH) Extend its 20% Surge to a New Yearly High,Can Ethereum (ETH) Extend its 20% Surge to a New Yearly High, Ethereum coin Crypto news, Ethereum coin News