ETH May Rally Towards $2,440 Amidst Bullish Technical Signals
Over the past 24 hours, 
ETHUSDT has surpassed the mid-level of a descending price channel that's been evident in the medium term. This rise followed a bounce from a supportive trend line seen in the last few days. If this upward trend persists, Ethereum could overcome the downward channel and set its sights on the $2,440 resistance level.
Should Ethereum sustain a daily close above $2,440 in the upcoming week, it could establish a solid base for further short-term gains. In such a positive scenario, the cryptocurrency might climb to around $2,685 in the next few days.
However, this optimistic outlook could be challenged if Ethereum's price dips below the $2,295 support level within the next 72 hours. Under this less favorable circumstance, Ethereum might revisit the supportive trend line. A failure to maintain this level could lead to a decline towards the next support mark at $2,130.
The technical indicators on Ethereum's daily chart are aligning, suggesting a potential continuation of its recent ascent in the next 48 hours. The Moving Average Convergence Divergence (MACD) is showing bullish signs, with the MACD line approaching the Signal line and a positive slope on the MACD Histogram, hinting at a short-term upward trend for Ethereum.
Additionally, the Relative Strength Index (RSI) is also indicating bullish momentum. The RSI line has recently crossed above its Simple Moving Average (SMA), signaling a shift in balance favoring buyers over sellers. This shift could make it easier for the bullish momentum to push Ethereum's price higher in the next few days, especially as the RSI remains above the SMA, reflecting the current strength of buyers. If these technical indicators hold true, Ethereum could soon convert the $2,440 level into a new support zone.
ETHUSDT has surpassed the mid-level of a descending price channel that's been evident in the medium term. This rise followed a bounce from a supportive trend line seen in the last few days. If this upward trend persists, Ethereum could overcome the downward channel and set its sights on the $2,440 resistance level.Should Ethereum sustain a daily close above $2,440 in the upcoming week, it could establish a solid base for further short-term gains. In such a positive scenario, the cryptocurrency might climb to around $2,685 in the next few days.
However, this optimistic outlook could be challenged if Ethereum's price dips below the $2,295 support level within the next 72 hours. Under this less favorable circumstance, Ethereum might revisit the supportive trend line. A failure to maintain this level could lead to a decline towards the next support mark at $2,130.
The technical indicators on Ethereum's daily chart are aligning, suggesting a potential continuation of its recent ascent in the next 48 hours. The Moving Average Convergence Divergence (MACD) is showing bullish signs, with the MACD line approaching the Signal line and a positive slope on the MACD Histogram, hinting at a short-term upward trend for Ethereum.
Additionally, the Relative Strength Index (RSI) is also indicating bullish momentum. The RSI line has recently crossed above its Simple Moving Average (SMA), signaling a shift in balance favoring buyers over sellers. This shift could make it easier for the bullish momentum to push Ethereum's price higher in the next few days, especially as the RSI remains above the SMA, reflecting the current strength of buyers. If these technical indicators hold true, Ethereum could soon convert the $2,440 level into a new support zone.
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