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Following a significant surge last week, Ethereum’s price has experienced a considerable resistance. This development comes as the market currently undergoes a correction period which has many traders speculating if a reversal is imminent or not. A technical analysis by TradingRage showcases a detailed Ethereum price analysis marked on the daily chart. Over the last quarter of 2023, Ethereum’s price showcased a bullish pattern, increasing by over $1,000. However, an aggressive rally towards the $2,700 resistance zone was rejected causing a correction towards the $2,400 area.
Dissecting the charts further, the Relative Strength Index still demonstrates values above 50% implying that the momentum is still bullish and an uptrend is likely to follow once the correction is completed. The 4-hour chart also highlights a key point – ETH’s price has formed a double-top pattern at the $2,700 resistance level making the asset appear overbought. Presently, the price is forming lower highs and lows potentially targeting the $2,400 level short-term. However, a rebound towards the $2,700 level isn’t unlikely given the overall market structure that remains bullish.
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