In the latest data provided by CoinMarketCap, Ethereum (ETH) exhibited a robust 2.66% increase in its value over the past 24 hours. As of the current moment, this leading alternative cryptocurrency was trading at $1,686.15. Notably, technical indicators on Ethereum’s chart hint at the possibility of a significant bullish trend reversal.
One of the key highlights in Ethereum’s recent performance is its break above a long-standing trend line on the weekly chart, a development that is widely regarded as a highly bullish sign. Moreover, Ethereum’s price continues to maintain its position above this trend line, suggesting that it might finally be breaking free from the bearish cycle that has persisted in recent months.
A crucial confirmation of Ethereum’s escape from its bearish trend will be if it manages to close a weekly candle above the $1,755 resistance level. Should Ethereum successfully achieve this milestone in the next couple of weeks, it could pave the way for a substantial ascent to $2,130 within the coming weeks.
However, a different scenario unfolds if Ethereum closes the current week’s weekly candle below $1,645. In such a bearish situation, the bullish thesis may experience a temporary setback. Under these circumstances, Ethereum’s value could potentially revisit the $1,555 support level, with the potential for further decline to as low as $1,460 over the next two months.
Shifting our focus to the daily timeframe, Ethereum has recently breached the $1,645 resistance level in the last 24 hours. A daily candle closing above this level within the next 48 hours could set the stage for an attempt to challenge the $1,755 threshold in the upcoming days.
Conversely, if sellers manage to push Ethereum’s price to close a daily candle below $1,645 in the next 48 hours, it might put the altcoin at risk of dropping to the subsequent support level. In this scenario, Ethereum’s value could decline to $1,555 over the course of the following week.
For investors and traders, it’s essential to take note of the daily MACD line, which is currently surging above the MACD Signal line on Ethereum’s chart. This development implies that Ethereum’s positive trend is likely to persist in the next 24-48 hours, potentially influencing trading decisions.