<

Ethereum (ETH) Price Is Poised to Move Higher, Here’s Why?

The Ethereum (ETH) price has broken out above its short-term range, displaying decisive bullish signals. It is expected to continue rising in the near future.

Short-Term Range Breakout

The Ethereum (ETH) price has been trading within the range of $2,100 to $2,450 since December 5, 2023, indicating a balance between bulls and bears.

On January 10, 2024, the ETH price broke out above the range with a large bullish candle. This indicates that the uncertainty has been resolved in favor of the bulls, and the ETH price has continued its previous uptrend.

The daily RSI (Relative Strength Index) has broken above the descending resistance line and is above 50, supporting the possibility of further gains.

Therefore, the ETH price is likely to continue rising towards the nearest resistance at $2,950, which is 16.21% higher than the current price.

ETH/USDT daily chart . Source: TradingView

Short-Term Outlook

The 4-hour chart shows that the ETH price is testing the previous range’s resistance at $2,450. This zone aligns with the Fibonacci retracement support level of 0.5-0.618 ($2,413-$2,471) from the recent rally. Therefore, the bulls are likely to buy aggressively when the price touches it.

The 4-hour RSI is above 50 and is forming a hidden bullish divergence. Both are bullish signals, supporting the possibility of a bounce.

ETH/USDT 4-hourly chart . Source: TradingView

Conclusion

Technical indicators suggest that the ETH price is ready to rise towards the next target at $2,950.

This bullish outlook would be invalidated if the price falls below the range’s resistance at $2,450.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS