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Ethereum was among the trending digital assets over the past week. The leading alt by value saw impressive surges, gaining approximately 50% within a week.
The long-term bias has stayed bearish since the late November sessions. Nevertheless, the recent range breakout shows bulls dominating. The price chart highlighted two levels where buyers might reload.
Ethereum 1Day Timeframe
The crucial info from the daily chart is that the value area at $1,750 – $1,950 represented a challenging resistance zone. The zone acted as support & resistance in July & March 2021. While publishing this content, it stood as a long-term resistance. Thus, the territory remained significant.
Also, analysts should consider the steady downside over the past couple of months, especially during the April sessions. Meanwhile, price actions printed a range in June, and Ethereum overpowered the mentioned range within the last few days.
Also, the RSI (Relative Strength Index) rose past the neutral 50, indicating bullishness behind the latest upticks. That was a relief for investors that have endured declines since April, confirmed by RSI’s failure to overcome the 50-mark.
Ethereum 4Hr Timeframe
The 4hr chart showed the latest range clearer. The range’s lows and highs stood at $1,000 and $1,280, respectively. Also, the asset respected the range’s midpoint of $1,140 as a resistance and support on most occasions as the price hovered inside the highlighted field.
That supported the alt’s range formation narrative. Meanwhile, the latest breakout had Ethereum adding approximately $300 beyond the range highs. Also, the range’s width neared $300, at $280, revealing chances of a slight pullback.
In such cases, the chart highlighted two regions in cyan when ETH bulls could ensure a higher low – the early June’s $1,440 and the $1,280 – $1.300 range highs.
Meanwhile, the 4hr Relative Strength Index confirmed massive bullish strength as it swayed well beyond the 60-level. A concealed bullish divergence might appear in the coming days because of deeper pullbacks.
Also, the on-balance volume maintained upsides. OBC broke June’s resistance zone last week. That confirmed the possibilities of more upticks for Ethereum due to impressive demand.
Moreover, the CMF (Chaikin Money Flow) rose beyond +0.05 to display substantial cash flows into the asset.
Final Thought
ETH’s long-term picture revealed bearishness, but the latest developments confirmed an ongoing upsurge. Bears and bulls might encounter challenges in the $1,750 – $1,950 zone. Nevertheless, Ethereum’s latest upswing opened the latest to $1,800 in the upcoming weeks.
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