Ethereum’s price has been violently breaking past resistance levels during the recent surge. However, for the long-term trend to be considered bullish, one obstacle still needs to be overcome.

Technical Analysis

By Edris

The Daily Chart

On the daily timeframe, the price has been steadily ascending since rebounding from the $1,550 support level and the lower boundary of the substantial descending channel. Notably, both the $1,750 level and the 200-day moving average, positioned around the $1,800 mark, have been decisively breached on the upside.

The market is presently on track to test the upper trendline of the channel, and should a bullish breakout occur, Ethereum is likely to trade above $2,000 once again in the near future.

The 4-Hour Chart

A closer examination of the 4-hour chart presents a more intricate scenario. While the price has managed to break and subsequently retest the $1,750 support level, it is encountering challenges in advancing further.

Given the current choppiness in PA and the overbought signal indicated by the relative strength index, the possibility of a retracement back to the $1,750 level or even lower cannot be discounted. After a relentless rally, the market may be due for a correction or consolidation phase.