The Ethereum price has shown attempts at recovery during recent trading sessions. Over the past 24 hours, the price of this altcoin has experienced a modest increase of nearly 2%. However, when observing the weekly chart, the price has only managed to appreciate by 3%.
In terms of technical analysis, the outlook has favored the bulls, with buying strength exhibiting an uptick. Additionally, both demand and accumulation have displayed positive changes. As the price began to rise, ETH successfully surpassed a significant resistance level, crossing the $1,790 mark.
This breakthrough has enabled the bulls to gain control of the price action. Nevertheless, an important hurdle still remains to be overcome for ETH to witness a substantial rally. Notably, with the Bitcoin price demonstrating uncertain price action, several major altcoins have struggled to surpass their key price resistance levels.
As BTC surpassed $27,000, the broader market’s increased strength might also contribute to the
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