Ethereum’s (ETH) price reached a new yearly high of $2,825 today, breaking out from a horizontal area in the process.

There is a noticeable lack of overhead resistance above the current level. Can ETH accelerate its rate of increase further?

Ethereum Moves Above the Middle of Its Range

The weekly time frame technical analysis shows the ETH price has increased since June 2022. After several failed attempts, ETH reclaimed the bottom of the range in March 2023 (green icon) and has not looked back since.

In January 2024, ETH reached a high of $2,717 but was rejected by the middle of the range (red icon).

However, it is making another breakout attempt this week. ETH reached a new yearly high of $2,825 today but has yet to reach a weekly close above the middle of the range since then.

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Author: Valdrin Tahiri

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