The Ethereum (ETH) price has increased significantly since October and is approaching a long-term horizontal resistance area.

Can ETH break out above this area and finally end its underperformance relative to the rest of the crypto market? Let’s find out!

Ethereum Approaches Critical Resistance

The Ethereum price has increased alongside an ascending support trend line since May 2022. The trend line has been validated numerous times, most recently in October 2023 (green icon). Since then, ETH has created eight bullish candlesticks in eleven weeks and is currently creating the ninth such candlestick.

The ETH price has reached a long-term horizontal resistance area, which has existed since the start of 2022.

Traders utilize the RSI as a momentum indicator to assess whether a market is ove

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Author: Valdrin Tahiri

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