Ethereum’s price has been trending upward over recent weeks, leading investors to feel optimistic that a new bull market is on the horizon. Yet, there are still key resistance levels to be taken out for ETH to experience a new long-term bullish trend.
Technical Analysis
By: Edris
The Daily Chart
On the daily chart, the price has been rallying higher following a decisive rebound from the 200-day moving average, along with a breakout from the 50-day moving average to the upside. The aforementioned 50-day moving average, currently located around the $1,850 mark, has recently supported the price, pushing it to the upside.
Currently, the $2,200 level is the most likely target in this timeframe. A breakout above the $2,200 level would be instrumental for the market to enter a long-term bullish trend once more.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour chart, things appear more interesting. Ethereum’s price has broken out of the large falling wedge pattern, but the $1,920
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