The Ethereum (ETH) price reached a new yearly high on April 5. The weekly and daily time frames both look bullish.

The ETH price has increased at an accelerated rate since March 10. On March 17, it broke out from the $1,700 area and was validated as support ten days later.

During this movement, the daily RSI broke out from its bearish divergence trendline and moved above 50. Both these indicate a bullish trend and support the continuation of the increase.

Moreover, the ETH price has traded in a massive ascending parallel channel since June 2022. While the channel’s support and resistance lines have not been validated sufficiently, the channel’s midline has acted as resistance several times (green circle), granting validity to the pattern.

The ETH price broke out from the channel’s midline on April 4 and increased significantly over the next 24 hours. If the increase continues, the price could reach the resistance line near $2,400.

Next week is expected to bring some positive Ethereum news in the form of the much-anticipated Shapella Upgrade, which will finally allow validators to withdraw their staked ETH. This is the second major Ethereum network upgrade since the release of Ethereum 2.0.

Ethereum (ETH) Price Long-Term Outlook Supports Increase

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Author: Valdrin Tahiri

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