Ethereum’s price has been blowing past several resistance levels recently. It is currently surging vertically, and the market participants are optimistic that a new bull market has begun.
Technical Analysis
By TradingRage
The Daily Chart
The daily chart shows that since the price broke above the 200-day moving average around the $1,800 level and the large bullish flag pattern, the market structure has shifted bullish once again. The $2,000 and $2,150 resistance levels have been broken, and the market is currently targeting the next resistance zone at the $2,500 price mark.
Yet, the relative strength index is entering the overbought region, and a short-term pullback or consolidation might be near.
Source: TradingView
The 4-Hour Chart
The 4-hour chart demonstrates more details about the recent Ethereum price action. ETH has been forming a rising wedge pattern around the $2,000 mark but has broken past its higher boundary with ease. Consequently, the market has rallied aggressively and
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