Ethereum (ETH) is a native token of the Ethereum blockchain created by Vitalik Buterin. This digital asset specializes in decentralized applications, non fungible tokens and smart contracts and has been growing in price since March 10th this year. Over the last weeks, the price of ETH has passed the $1,700 level and maintained it, while at the same time seeing an increase in daily RSI you, which rose above 50, confirming a bullish trend in the asset. An ascending parallel channel is also noticeable in ETH's charts, with the midline serving as an important resistance level. Prices have broken above this midline and could reach the resistance line at $2,400 if this continues to be the case. Fears of a price drop remain, however, as the entire bullish price forecast is invalidated if ETH closes below the $1,700 area.

The technical analysis for ETH/BTC also confirms bullishness, with the pair decreasing inside a descending wedge since September 2022, which usually hints at a future reversal. Additionally, the ETH price trades just above the 0.618 Fibonacci retracement support level at bitcoin 0.063 and the 3-day RSI is nearly oversold. This suggests that an eventual breakout from the wedge is the most likely scenario and if that happens, ETH could increase to the next closest resistance at bitcoin 0.077. Nevertheless, a breakdown of the wedge would point to a fall in prices to the 0.055 support area.

Overall, Ethereum's bullish trend is expected to continue as long as prices don't close below the $1,700 area. Prices are currently underperforming Bitcoin, however a breakout from the wedge could see ETH experience a bullish reversal. As always, investors should exercise caution and keep a close eye on the Ethereum charts for the latest developments.



Other News from Today