ETH Rebounds From Brink of Disaster! Will It Hit $2,685 Soon?
In the past few days, the Ethereum price fell beneath the $2,295 support after breaking out from a downward price channel. However, bulls managed to halt its descent before it could reach the $2,130 level, establishing a new higher low and continuing the positive trend line that has been forming on the charts of this leading altcoin.
Looking ahead, the Ethereum price might start an upward trajectory as it bounces off this bullish trend line. If this optimistic scenario unfolds, Ethereum could soon regain the $2,295 support level. Sustained buying pressure might then push the price of this leading altcoin beyond the previous downward channel, providing Ethereum some breathing space. This could enable it to convert the $2,440 resistance into support, with the potential to climb towards $2,685. However, this bullish outlook could be negated if Ethereum breaks below the supportive trend line.
ETH Could Begin to Rise
The selling pressure that previously caused a significant drop in the Ethereum price appears to be easing, according to technical indicators on the daily chart. The MACD indicates that the bearish phase for the altcoin may be concluding, as seen by the stabilizing MACD Histogram gradient. There are also signs of buyers making a return, as evidenced by the shrinking distance between the RSI line and its Simple Moving Average (SMA). With the RSI in oversold territory, the potential for an upward move seems greater than that for a decline. These technical signals could be seen by investors as an opportunity for a long position, potentially leading to an increase in the Ethereum price in the near future.
Looking ahead, the Ethereum price might start an upward trajectory as it bounces off this bullish trend line. If this optimistic scenario unfolds, Ethereum could soon regain the $2,295 support level. Sustained buying pressure might then push the price of this leading altcoin beyond the previous downward channel, providing Ethereum some breathing space. This could enable it to convert the $2,440 resistance into support, with the potential to climb towards $2,685. However, this bullish outlook could be negated if Ethereum breaks below the supportive trend line.
ETH Could Begin to Rise
The selling pressure that previously caused a significant drop in the Ethereum price appears to be easing, according to technical indicators on the daily chart. The MACD indicates that the bearish phase for the altcoin may be concluding, as seen by the stabilizing MACD Histogram gradient. There are also signs of buyers making a return, as evidenced by the shrinking distance between the RSI line and its Simple Moving Average (SMA). With the RSI in oversold territory, the potential for an upward move seems greater than that for a decline. These technical signals could be seen by investors as an opportunity for a long position, potentially leading to an increase in the Ethereum price in the near future.
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