The price of Ethereum has maintained its range low of $884.51 since the beginning of 2021, while the top of $4,485.32 has restricted the price's upward movement.
The continuation of the January 2021 top might be triggered if Ethereum is able to close with a price that is higher than $3,602.43.
If the price were to break and close below the channel's midway, which is now around $2,684.92, the bullish thesis would be rendered useless.
Following a break of the midline of the market range that extends from the low point in January, which was about $884.51, to the high point in November of the year 2021, which was approximately $4,485.32, the price of Ethereum (ETH) is now trading with a positive bias.
If bulls continue to play the long game, the price of Ethereum may recapture the highs it reached in November 2021.
The price of Ethereum (ETH) has risen over the 50% Fibonacci retracement level of $2,684.92 after a strong rebound that occurred in November 2023 above the psychological barrier of $2,000 in the cryptocurrency market.
With momentum continuing to rise, the price of ETH may continue to extend its gains, breaking over the barrier of $3,602.43 before continuing on to the local peak at $4,485.32. This would open the stage for more gains if the weekly candlestick close was higher than $3,602.43.
Taking into account the gains, the cryptocurrency with the highest market capitalization might potentially retake the range high of $4,868.00 if the situation is very optimistic. This would represent a thirty percent increase in comparison to the existing levels.
As can be observed by the massive amounts of green histogram bars of the Awesome Oscillator (AO) in positive zone, bulls continue to maintain a strong presence inside the Ethereum market. In spite of the fact that Ether has been tremendously overbought, this might be a factor that works in favor of the upside.
On the other hand, if the level of $3,602.43 continues to act as a barrier in the weekly period, the price of Ethereum can retest the midpoint of the market range, which is located at $2,684.92. If the price breaks and closes below this level, the bullish thesis would be rendered useless.
