The Ethereum (ETH) price reached a high of $1,865 today, validating a 190-day descending resistance trendline.

The high is a culmination of a nearly 20% increase during the past seven days. Will ETH break out from the trendline?

Ethereum Makes Breakout Attempt Above 190-Day Resistance

The daily time frame chart shows that the Ethereum price has decreased alongside a descending resistance trendline since its yearly high of $2,141 in April.

After falling to a low of $1,521 on October 12, ETH began an upward movement that is still ongoing.

The price reached a high of $1,865 today, reaching the trendline that has now been in place for 193 days. This is the third attempt at breaking out (red icons).

The daily Relative Strength Index (RSI) supports the continuing of the increase.

The RSI is a momentum indicator traders use to evaluate 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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