Over the last two weeks, the price of Ethereum has risen dramatically. The price found steady support at $2,500 and resumed its upward trajectory from there. The upside, however, is met with resistance at the falling trend line from the record highs of $4,867.81.
On Saturday, the Ethereum price consolidates with slight increases. A weekly closing over $3,284.75 will pave the way for $4,000 to be reached. On a weekly basis, the price of ETH rises by 12%.
At the time of writing, ETH/USD is trading at $3,118.22, up 0.46 percent on the day. According to CoinMarketCap, the second-largest cryptocurrency by market cap is worth $9,276,333,183.
Since the week of January 7, 2022, the Relative Strength Index has been locked between the two oversold levels of 40 and 50, indicating that the market is still in a bull market. The angle now indicates a likely breakthrough over the 50 level. Furthermore, for the first time in eight weeks, the Optex Band oscillator is rising from a severely oversold position.
On the weekly chart, the Ethereum price creates a ‘double’ bottom pattern around the $2,150 level, which also serves as dependable support.
Initially, the price challenged the levels in July before hitting a new high of $,4867.81 in November. During that time, the price of ETH increased by more than 100 percent.
On a weekly basis, the price is now trading in a short-term trading range of $2,500 to $3,200. A green candlestick for the third week in a row will lay the stage for another surge higher in the asset.
The bearish sloping line that extends from the highs of $4,867.81 serves as a powerful resistance barrier for the bulls. As a result, trading at this level is critical.
The initial upward barrier for the bulls is set at $3,391.40. A weekly close above the stated level, along with a break above the bearish line, will trigger the psychological $4,000 milestone. A weekly finish below $2,800, on the other hand, will undermine the asset’s positive prognosis.