Ethereum (ETH) has closed above its resistance of $1719 after a constant price decline over the weeks and is currently moving at the market price of $1731. The price was moving in a sideways channel for the last few days and has recently suppressed the trend line and the top horizontal line to move ahead.
The bulls show favorable interest in mounting the Ethereum price as the token turns from the oversold zone. The RSI is 67, and the indicator line heading up shows the ETH coin is about to enter the overbought zone. The MACD line has been ahead of the signal line, and the histogram chart shows green candles. Check out our ETH prediction to know how long this bullish phase will continue.
The Ethereum coin ascended significantly from when the MACD indicated a bullish trade. There is a requirement for additional buyers for the supportive volume as the volume bars are showing remote price movement.
The previous 2 weeks’ bullish candle shows a constant rise in the price, and the forming candle closing above the last 7-week highs shows a decent hike in the price. On June 13, the buyers faced a 52-week low of $893, from where the ETH price continued to rally and was a noticeable point for the bullish investors.
The Ethereum token is currently trailing at a crucial point form where major price action can be expected. Though the technical parameters in the weekly chart are in the bearish zone, a bullish trend can be expected in the upcoming days.