Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home Crypto Ethereum

Ethereum (ETH) Price Hits Critical Resistance, but Will It Break Out?

News Room by News Room
March 14, 2023
in Ethereum
Reading Time: 2 mins read
0 0
A A
0

The Ethereum (ETH) price is in the process of breaking out from a crucial horizontal resistance level. Doing so would also cause a breakout from a long-term descending resistance line.

While there is no direct Ethereum news regarding the Shanghai upgrade, the fork is expected to deploy in April. The Shanghai Upgrade is the first big update in the Ethereum blockchain after Ethereum 2.0, and besides unlocking the indefinitely staked ETH from the Beacon Chain, the upgrade will introduce other Ethereum improvement proposals, such as a reduction in Ethereum network transaction fees and transaction size.

However, the upgrade is not expected to introduce anything new in regard to smart contract functionality or decentralized applications. It is worth mentioning that since the merge, the Ethereum deflation rate has picked up considerably and the supply has so far fallen by 63,000 tokens.

Ethereum (ETH) Reaches Crucial Long-Term Level

The technical analysis for the weekly time frame provides a bullish outlook for ETH. The main reason for this is the reaction to the $1,400 horizontal area. The area acted as the all-time high since 2018 and has been respected despite two deviations in 2022 (red circles).

The bullish movement in 2023 caused Ethereum to move above it, and the price validated it as support last week (green icon). Moreover, the weekly RSI broke out from its resistance line and is now above 50. This is considered a bullish sign.

While the ETH price still follows its own descending resistance line that has been in place since the all-time high, RSI breakouts often precede price breakouts. Therefore, the ETH price is expected to break out from its long-term descending resistance line.

If it does, it could increase to the next closest resistance at $2,000. On the other hand, a rejection from the line could lead to a retest of the $1,400 area.

ETH/USDT Weekly Chart. Source: TradingView

Will Ethereum (ETH) Price Break Out?

The daily time frame supports the possibility of a breakout. It shows that the ETH price bounced at the support line of a previous ascending parallel channel (green icon) and began the current upward movement.

Currently, the price is in the process of moving above the $1,680 resistance area. This would also cause a breakout from the aforementioned long-term descending resistance line if successful. Therefore, it would likely take the Ethereum price toward $2,000.

The daily RSI breakout (green line) supports this possibility, hereby giving a bullish Ethereum price forecast.

On the other hand, if the price gets rejected, it could fall back to the $1,400 support area.

ETH/USDT Daily Chart. Source: TradingView

To conclude, the most likely Ethereum price forecast is a breakout from the current confluence of resistance level leading to an increase toward $2,000. Failure to break out would invalidate this bullish outlook and could lead to a fall toward $1,400.

Read the full article here

ShareTweetSharePinShareShareSend

Related News

The Memecoin Grift and How It Threatens Ethereum Culture
Ethereum

The Memecoin Grift and How It Threatens Ethereum Culture

June 9, 2023
Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security
Ethereum

Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security

June 9, 2023
Buterin says Ethereum needs 3 critical transitions to ensure its survival
Ethereum

Buterin says Ethereum needs 3 critical transitions to ensure its survival

June 9, 2023
Vitalik Buterin calls for three mandatory ‘transitions’ for Ethereum
Ethereum

Vitalik Buterin calls for three mandatory ‘transitions’ for Ethereum

June 9, 2023
Ether Options Market Makers Are ‘Long Gamma’ at $1.8K
Ethereum

Ether Options Market Makers Are ‘Long Gamma’ at $1.8K

June 9, 2023
Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again
Ethereum

Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again

June 9, 2023
Top Crypto Trader Says Ethereum Could ‘Easily’ Surge by Double Digits, Updates Outlook on XRP and Dogecoin
Ethereum

Top Crypto Trader Says Ethereum Could ‘Easily’ Surge by Double Digits, Updates Outlook on XRP and Dogecoin

June 9, 2023
Ethereum (ETH) Price Makes an Early Rebound as Investors Reallocate Capital —What Next?
Ethereum

Ethereum (ETH) Price Makes an Early Rebound as Investors Reallocate Capital —What Next?

June 9, 2023
Unfavorable Fed Policies May Keep Lid on Ethereum Price – Bloomberg Analyst
Ethereum

Unfavorable Fed Policies May Keep Lid on Ethereum Price – Bloomberg Analyst

June 9, 2023

Discussion about this post

Latest News

Zcash Community To Create Sustainability Development Fund

Zcash Community To Create Sustainability Development Fund

June 10, 2023
Jobs Data Offers Faint Hope for Digital Assets Even as Investors Fret Over Binance, Coinbase Suits

Jobs Data Offers Faint Hope for Digital Assets Even as Investors Fret Over Binance, Coinbase Suits

June 10, 2023
Binance Adds Stablecoin Spot Trading Pairs, Launches Fee Promotion & Discontinues Auto-Conversion for Stablecoins

Binance Adds BTC, BNB, ETH, TUSD & DAI as Payment Options on Auto-Invest

June 10, 2023
Tuberville bill would block Chinese ownership of US crypto companies

Tuberville bill would block Chinese ownership of US crypto companies

June 9, 2023
Luxury goods: Europe’s joke on the world

Luxury goods: Europe’s joke on the world

June 9, 2023
ADVERTISEMENT

Popular

  • Canada’s budget measures brighten funding prospects for critical miners

    Danske Bank raises profit goal, puts Norway retail unit up for sale

    0 shares
    Share 0 Tweet 0
  • EUR/USD has likely bottomed out for now – Nordea

    0 shares
    Share 0 Tweet 0
  • Slump in global cashew demand pushes Ivory Coast industry to verge of collapse

    0 shares
    Share 0 Tweet 0
  • Iran’s president visits Syria as he seeks to bolster Tehran’s sway over ally

    0 shares
    Share 0 Tweet 0
  • Aave Proposes Deployment of GHO Stablecoin on Ethereum

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Zcash Community To Create Sustainability Development Fund
  • Jobs Data Offers Faint Hope for Digital Assets Even as Investors Fret Over Binance, Coinbase Suits
  • Binance Adds BTC, BNB, ETH, TUSD & DAI as Payment Options on Auto-Invest

Trending Topics

Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.