LIVEETH Looks on Track to Break Above $2,615 in the Short Term
Currently, #Ethereum (ETH) is trading within a medium-term upward price channel. If this bullish momentum persists, there is a possibility that ETH might make an attempt to breach the next resistance level at $2,615 in the upcoming days.
Analyzing the technical indicators on ETH's daily chart, there is a favorable outlook for a bullish trend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are indicating that the cryptocurrency's price could continue its ascent in the short term.
The RSI line recently surpassed the RSI Simple Moving Average (SMA) line over the past couple of days, signifying that the bulls have gained an advantage over the bears in ETH's daily chart. Consequently, it is currently more feasible for buyers to drive up ETH's price in the next 48 hours than it is for sellers to push it down.
$ETH has also recently re-entered a positive trend after briefly experiencing a bearish phase. Over the last two days, the MACD line crossed above the MACD Signal line, potentially indicating a continuation of ETH's positive trend in the upcoming week.
If these technical signals hold true, there is a potential for ETH to reach the $2,615 mark. However, if ETH were to break below the nearest support level at $2,300, it could expose the leading altcoin to a significant price correction risk. In such a more bearish scenario, ETH might revisit the $2,145 support level. Subsequently, if selling pressure persists at this level, ETH could potentially decline as far as $1,985 in the following days.
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