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11 months ago
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ARTICLE AD BOX
The post Ethereum Regains Strength: Breaking This Barrier May Lead the ETH Price To $3,500 appeared first on Coinpedia Fintech News
The bulls appear to have slowly conquered the crypto markets as the prices of the popular tokens have been rising consistently. As the Bitcoin price maintains a sideways trend, the altcoins gain traction as the Ethereum price regains bullish momentum. With a rebound from the interim lows at $2,100, the second-largest token validated a bullish divergence, and by surpassing the crucial resistance, it invalidated a bearish scenario for a while.
The bears had frozen the levels at $2257 as the price constantly failed to clear these levels. Although the price marked the daily highs above $2330, it is facing some bearish heat, which is preventing it from rising above the average bands of the rising parallel channel. As the price trades above the support, the possibility of a bullish breakout emerges. Moreover, the technicals also support the bullish claim that a rally towards $2500 could be imminent.
As seen in the chart, the ETH price is testing the immediate upper resistance zone between $2312 and $2337. If the price closes the day’s trade within or above the price zone, then the price could reach the neckline of the double-bottom pattern. With this, a bullish breakout may be followed as the RSI is bullish and the TSI is closer to flashing a buy signal. Moreover, the buying pressure has coiled up, which suggests the token will maintain an ascending trend for a long time.
This trade indicates a rise beyond the pivotal resistance level of $2386.82, which has to be held firmly by the bulls. This could lead to an extended bullish upswing beyond the crucial resistance at $2529.78, which may invalidate a bearish trend. Now that the markets are approaching the end of the year, volatility is expected to rise. This may result in a bullish start for the year 2024, which may transform into a bull run to reach $3500 during the first quarter.
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