- Ethereum (ETH) has surged from its range lows to post an impressive 50% gain in just under a week.
- The $1,750-$1,950 area acted as resistance once again.
- ETH is currently trading at $1,573.46, according to CoinMarketCap.
The largest altcoin by market cap and the second biggest crypto by market cap, Ethereum (ETH), has surged from its range lows to post an impressive 50% gain in just under a week.
The longer-term trend for ETH has been bearish going back to late November. However, the recent breakout in ETH’s price has seen bulls seize the initiative. The charts now show two areas where buyers can look to reload.
On the daily chart, the most important thing to note is that the $1,750-$1,950 area represented stiff resistance. In July and March of last year, this zone was both a support and resistance. At the time of writing, it was once again a resistance barrier for ETH’s price.
Another thing that investors need to take note of is that there has been a steady downtrend in recent months, especially in April. In June, the price did form a range that ETH’s price has broken out of in the past few days.
The Relative Strength Index (RSI) also broke out of the neutral 50 to show that bulls had the upper hand. This has been a welcomed change for buyers, who had been caught in a downtrend since April.
The $1,750-$1,950 area could be tricky to navigate for both bulls and bears. However, the latest surge in ETH’s price may indicate that it will rise to the next target of $1,800 in the coming weeks.
At the time of writing, CoinMarketCap shows that ETH’s price experienced a 24-hour gain of 3.20% to take its price up to its current level at $1,573.46.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.