The Ethereum (ETH) price broke out from long-term horizontal and diagonal resistance levels.

The weekly RSI is giving a signal that preceded a parabolic ETH increase in the previous market cycle.

Will Ethereum Accelerate Increase?

The ETH price has increased gradually since falling to a low of $880 in June 2022. The upward movement was constrained by an ascending resistance trend line, which caused four rejections (red icons). The most recent occurred in December 2023.

ETH also created higher lows during the upward movement, accelerating the increase every time ETH bounced (green icons). The most recent bounce occurred in October.

After more than 600 days, the ETH price finally broke out from the ascending resistance trend line last week.

The breakout was consequential since it took ETH above a long-term horizontal resistance area. Previously, the area had intermittently acted as both support and resis

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Author: Valdrin Tahiri

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