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Ethereum (ETH) price could increase by 50% in the near future
Ethereum (ETH) price has confirmed previous key resistance as support and formed decisive bullish signals. It is expected to continue to increase in the near future.
Weekly outlook
Ethereum (ETH) price has been moving higher since making a higher low at $1,523 during the week of October 9-15, 2023.
During the rise, the price broke above the key resistance zone at $2,100 and confirmed it as support over the past 5 weeks (blue arrow).
This shows that sentiment has shifted from selling on increases to buying on dips and confirms the continuation of the uptrend that started in early 2023.
The weekly RSI has broken above the long-term resistance line and is moving towards the overbought zone. Both are bullish signals, suggesting an advantage to the bulls.
Therefore, ETH price is likely to continue rising towards the next key resistance area at $3,500. This number marks a 45.50% increase from the current price.
Short term range
The daily chart shows that ETH price has been trading inside a range of $2,100 to 2,400 since December 5, 2023. This shows a balance between bulls and bears.
However, a positive sign is that the daily RSI broke above the descending resistance line, which has been in place since the price was range-bound.
Breakouts in RSI often lead to similar breakouts in price action. Furthermore, the daily RSI is above 50 and sloping up, supporting the possibility of continued growth.
Therefore, ETH price is likely to break above the current range and rally towards the next resistance zone at $2.950 in the next few days.
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