A week ago, Ethereum (ETH) broke above the $1842-$1868 resistance line, flipping it to a new support line. Technical analysis on weekly time frames in a multi-month period Suggested Uptrend to $2,163, with major resistance levels at $1,900 and $2,000.
Ethereum is retesting a new support area
Over the past 24 hours, Ethereum briefly fell below the support line, then rebounded to trade above it. At press time, ETH’s price was $1,904, with the coin rising 2.35% in that time period.
source: CoinMarketCap
If buyers outnumber sellers, they can defend this recovery, and we will consider the retest complete. This would also lay a reliable foundation for the continuation of the upward trend. A weekly close above the support line would confirm the validity of the market’s strength and the possibility of its next overall move to the upside.
source: Technical charts
What lies ahead
If selling pressure persists, the retest may fail as the price respects or drops below resistance. The above-mentioned uptrend may be completely negated if prices fall to the $1,710-$1,750 range.
There has been a long-term bullish thesis recently Suggested Tom Lee, Chairman of Bitmine, stated that the price of ETH could reach $12,000 once Bitcoin reaches $250,000. His theory also suggested parallels between the price of Ethereum and shares of Amazon or Nvidia before it gained momentum.
Supporting these expectations, includes the network’s staking ratio newly It rose to an all-time high of 35%, squeezing supply. Additionally, Ethereum ETF inflows have become positive, indicating rising institutional demand for the coin.
source: rwa.xyz
Blockchain technology also continues to dominate the real assets (RWA) market, now hosting over $15 billion in distributed assets.
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