How Ethereum (ETH) Price May React Before and After Network Upgrade

Ethereum (ETH) Price Increases Toward Resistance

ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. It specializes in decentralized applications and smart contracts. Since March 10, there has been a rapid increase in the value of ETH. On March 17, ETH surpassed the $1,700 level and was confirmed as a strong support level after ten days (green icon). The daily RSI also showed positive signals, breaking out of its previous bearish trend and rising above 50, indicating a bullish trend and supporting the price increase.

Additionally, since June 2022, the price of ETH has been moving in an ascending parallel channel, although the channel’s support and resistance lines have not been fully validated. However, the channel’s midline has acted as resistance several times, indicating that the pattern is valid. On April 4, the ETH price broke out of the midline and rose significantly over the following 24 hours. If this trend continues, the price could reach the resistance line around $2,400.

Finally, if the entire movement inside the channel is an A-B-C structure. If waves A:C have a 1:1 ratio (white), this would lead to a high of $2,230, very close to the channel’s resistance line.