The Ethereum (ETH) price reached its highest weekly close since April 2022 last week and then moved above $3,000 this week.

Will this increase take Ethereum to an all-time high, or will the price fail to sustain it? Let’s find out!

Ethereum Clears Long-Term Resistance

The weekly time frame technical analysis shows the ETH price has increased significantly during the past two weeks, creating a large bullish weekly candlestick. This was especially visible last week. 

The upward movement of Ethereum caused the first weekly close above a long-term horizontal area, which has intermittently acted as resistance and support since April 2021. ETH reached a high of $3,032 today, the highest since April 2022.

The weekly Relative Strength Index (RSI) supports the ongoing upward movement. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset

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Author: Valdrin Tahiri

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