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Ethereum Price Forecast: ETH/USD rally unstoppable after braking a 12-month downtrend

  • Ethereum eyes levels above $400 following a break above key descending trendline resistance.
  • ETH/USD near term to remain bullish especially with the RSI trending upwards within the overbought region.

Ethereum is solely in the hands of the bulls. This follows an impressive price action since last week. The weekend session was particularly yielding for Ethereum as it catapulted ETH/USD above $300. The key move was the break past descending trendline resistance, commenced when Ether retreated from June 2019 highs around $360.

Although very little progress has been made from the time ETH/USD hit new 2020 highs at $334, buyers have been keen on holding the price above $320. At the time of writing, ETH/USD is trading at $323. The path of least resistance remains upward based on the prevailing technical levels.

The RSI, for instance, is still grinding upwards in spite of having hit the overbought levels. This shows that a reversal is unlikely in the near term. In addition, the Elliot Wave Oscillator is charting another bullish session.

Looking at the moving averages in the weekly timeframe, Ethereum bulls are bound to remain at the helm of this trend for some time. For instance, the 50 SMA recently crossed above the longer-term 100 SMA. The widening gap between the two indicators hints that buyers have more influence over the price.

ETH/USD weekly chart

ETH/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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