The Ethereum (ETH) price has increased considerably since October 19, reaching a high of $1,854 today.

The increase validated a long-term ascending support trendline and took the price to a descending resistance trendline. Will Ethereum break out?

Ethereum Bounces at Nearly 500-Day Ascending Support Trendline

The weekly time frame chart shows that the Ethereum price has increased alongside an ascending support trendline since its June 2022 low of $882.

The support trendline has so far measured the slope of the upward movement.

The ETH price bounced at the trendline in October, creating a bullish, engulfing candlestick the next week (green icon). This is a type of bullish candlestick in which the entire previous decrease from the last period is negated in the next one.

The previous time such a candlestick was created was in July 2021 (black icon). This led to the all-time high price of $4,868 in November.

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Author: Valdrin Tahiri

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