Last week, Ethereum (ETH) broke above its $1,842-$1,868 resistance line, placing it at a new support line. Technical analysis on weekly time frames over multiple months he encouraged rising to $2,163, with major resistance levels at $1,900 and $2,000.
Ethereum is also testing a new support phase
In the last 24 hours, Ethereum briefly pulled below the support line, and resumed trading above it. At press time, the price of ETH was $1,904, while the coin gained 2.35% during that time.
Source: CoinMarketCap price
If the buyers outnumber the sellers, they can protect this recovery, and we will see the retest end. This will also establish a reliable foundation for further progress. A weekly close above the support line can also confirm the strength of the market and the possibility of its next leg up.
Source: Tech charts
What is in the future
If the pressure on the sell side continues, the retest may fail because the price respects the resistance or falls below it. A complete failure of the above trend could occur if prices fall to $1,710-$1,750.
The long-term bullish thesis was recently over provided and Bitmine Chairman Tom Lee, saying that the price of ETH could hit $12,000 once Bitcoin reaches $250,000. His opinion also pointed out the similarities between the price of Ethereum and Amazon or Nvidia stocks before they started to attract.
To support these predictions, including the staking network ratio in the near future up to 35% of normal, creating a full squeeze. In addition, the Ethereum spot ETF has performed well, which indicates that the currency is in high demand.
Source: rwa.xyz
The blockchain continues to dominate the global real estate (RWA) market, which now receives more than $15 billion in distributed assets.
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