Ethereum’s price has been recovering from a crucial support zone. However, there exists a notable resistance level that must be surpassed in order for the market to potentially transition into a bullish phase in the long term.
Technical Analysis
By: Edris
The Daily Chart:
The daily chart demonstrates a notable rebound around the $1600 level, where the 200-day moving average provided significant assistance last week.
Subsequently, the price has experienced a rally and successfully surpassed both the $1800 resistance level and the 50-day moving average, both of which are expected to function as support going forward.
The current focus appears to be on surpassing the psychological resistance level of $2000, followed by the important technical area around $2300.
Source: TradingView
The 4-Hour Chart:
Examining the 4-hour chart, it is evident that the price found support at the lower boundary of a significant falling wedge pattern, aligning with the $1600 support level.
Following this supp
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