The previous two weeks saw Ethereum (ETH) recording a more than 24% surge. That came after the alternative token tool a 180 from the $1,442 2-month support level. However, the leading alt might encounter short-term obstacles during the upcoming sessions, considering the resistance at $1,790 coincides with the upward channel’s topside trend-line.
Nevertheless, Ethereum’s broad sentiment might improve as the project prepares for the anticipated Merge following the shadow fork success. ETH changed hands at $1,767.1 during this writing, surging 2.7% within the past 24 hours.
Ethereum Daily Timeframe
Ethereum renewed its bullish strength after recovering from the anticipated descending wedge breakdown. The token’s growth over the past two weeks supported bulls to test the borders of its supply territory around the $1,790 value area.
Meanwhile, the buying comeback encounters resistance at the ascending channel’s upper boundary. Considering the confluences of the border and the resistance at $1,790, Ethereum might witness a brief higher price rejection from the nearest resistance. Nonetheless, the Bollinger Bands’ upper band maintained northbound tendencies.
Also read:Any closing beyond the topside bands would confirm the possibilities of volatile breaks in the upcoming sessions. A close above the resistance of $1,790 might induce a stretched downside. Such scenarios would have potential targets in the $1,907 – $1,993 territory. Meantime, a break beneath the support for $1,703 might open the gates for short-term dips, taking ETH to $1,648.
Reasoning
The RSI (Relative Strength Index) eventually secured a sustained closing above the equilibrium, depicting massive buying superiority. A sustained spot beyond this mark would see buyers maintaining their edge. On the other hand, the AO (Awesome Oscillator recorded higher peaks while nearing the zero level. A closing past this zone would confirm buying signals. Nevertheless, ADX displayed a substantial weak directional bias for ETH.
Final Thought
The Merge anticipation might support the altcoin to fuel a bullish stance within the marketplace. Meanwhile, buyers should wait for a closing past resistance of $1,790 to authorize their dominance. Targets would stay as highlighted. Lastly, enthusiasts should watch Bitcoin’s actions, as Ethereum shares a massive92% correlation with BTC.
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