ETH price has been following the path of BTC the last month as the market has stayed within a small range awaiting a breakout. Anticipation of Ethereum’s EIP 1559 update this month has investors taking a bullish stance that ETH will review back above important resistance of $2500. At the time of writing, ETH price is attempting a breakout above its channel resistance that has failed near 4 times the last month.
The price of ETH has been consolidating for nearly 45 days within a descending channel formation, which is shown in green. In the last 45 days, each time price has attempted a bullish breakout of this channel the , it has failed with bears taking control. At the time of writing, ETH is currently trading out of its channel. If the 1 day candle can close above this mark, it is very likely for price to test its 6 month trend line which is shown in black. Regaining this trend will likely set a trend shift for ETH to begin revival to high $2000s.
The 40 day MA has been a barrier for the price of ETH price since May 19th. This MA currently sits within a major resistance zone of $2300- $2438. Throughout this range lies three very important price barriers for ETH. In simple terms, price must break this area to continue a strong revival and confirm a trend shift after 2 months of downtrending. If this breakout fails again, ETH will find support at $2100, $1944 & $1817.
While looking at the RSI, we can see strength has recently broke out of a 46 day trend line. Since the breakout, ETH has been rising significantly off its lows. As long as strength stays above the 50 value, ETH will see prices higher than $2500 very soon. The MACD has formed a double bottom the last month which is a great sign that a bullish trend may be starting. After the bullish cross on the MA’s the last week, they have headed straight towards bullish territory above the 0 value.
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