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Ethereum’s Price Continues to Show Signs of Bullish Sentiment Amidst Resistance
The price of Ethereum (ETH), currently trading around $1,760, has demonstrated resilience in recent days by finding support near $1,473 and then recovering. As ETH investors await a crucial move above the $1,800 resistance level, accumulation addresses have added 1.11 million ETH, indicating sustained bullish momentum.
Despite being met with significant resistance at $1,800, Ethereum’s technical indicators are still providing mixed yet generally positive signals. The cryptocurrency’s hourly chart shows a developing bullish trend line, while the Stochastic Oscillator has retreated from the overbought region after spending two consecutive days there. Meanwhile, both the Relative Strength Index and Awesome Oscillator indicate receding histogram bars below their neutral levels.
Despite this mixed outlook, Ethereum’s price action suggests it may be difficult for sellers to regain control at this level. The cryptocurrency is currently above its 100-hourly Simple Moving Average, with the support provided by a descending channel pattern.
Should ETH manage to break through $1,800 and the upper boundary of that resistance zone, there is potential for Ethereum’s price to reclaim the psychologically important level of $2,000 and possibly even challenge the resistance range between $2,100 and $2,200.
Source: https://blockonomi.com/ethereum-eth-price-accumulation-addresses-add-1-11-million-eth-despite-resistance-at-1800/
