The bulls appear to have slowly conquered the crypto markets as the prices of the popular tokens have been rising consistently. As the Bitcoin price maintains a sideways trend, the altcoins gain traction as the Ethereum price regains bullish momentum. With a rebound from the interim lows at $2,100, the second-largest token validated a bullish divergence, and by surpassing the crucial resistance, it invalidated a bearish scenario for a while.
The bears had frozen the levels at $2257 as the price constantly failed to clear these levels. Although the price marked the daily highs above $2330, it is facing some bearish heat, which is preventing it from rising above the average bands of the rising parallel channel. As the price trades above the support, the possibility of a bullish breakout emerges. Moreover, the technicals also support the bullish claim that a rally towards $2500 could be imminent.
As seen in the chart, the ETH price is testing the immediate upper resistance zone between $2312 and $2337. If the price closes the day’s trade within or above the price zone, then the price could reach the neckline of the double-bottom pattern. With this, a bullish breakout may be followed as the RSI is bullish and the TSI is closer to flashing a buy signal. Moreover, the buying pressure has coiled up, which suggests the token will maintain an ascending trend for a long time.
This trade indicates a rise beyond the pivotal resistance level of $2386.82, which has to be held firmly by the bulls. This could lead to an extended bullish upswing beyond the crucial resistance at $2529.78, which may invalidate a bearish trend. Now that the markets are approaching the end of the year, volatility is expected to rise. This may result in a bullish start for the year 2024, which may transform into a bull run to reach $3500 during the first quarter.
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