Ethereum (ETH) Ascends Beyond $2,000 Mark, Setting Sights on New Yearly High
Ethereum (ETH) nears a pivotal yearly high, with market analysts optimistic about its future trajectory. Explore the latest insights and predictions.
Ethereum's (ETH) price trajectory has taken a decisive upward turn since October 17, inching closer to its yearly peak.
Despite multiple attempts, ETH has yet to surpass its yearly high. Could this be the moment it achieves this milestone?
Chart by TradingView
Ethereum Nears Yearly High
Analysis of the daily timeframe reveals a rapid ascent in the price of ETH since the beginning of October. During this period, it broke free from a descending resistance trendline that had constrained it for 203 days, dating back to the yearly high witnessed on April 16.
The upward momentum culminated with a peak at $2,136 on November 10, marking a 40% surge from the October lows. Following a brief decline, ETH regained its footing on November 17.
ETH Price Movement
Market participants often rely on the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions.
RSI readings above 50, along with an upward trend, signify a prevailing advantage for the bulls, while readings below 50 indicate the opposite. Although the daily RSI is trending downward, it still resides above the 50-mark.
Cryptocurrency traders and analysts on X are expressing optimism about Ethereum's future price trajectory.
Big Cheds highlighted the ongoing breakout, asserting that the price will continue its ascent toward the yearly high. Crypto Scient shares this bullish sentiment due to the successful breach of a critical resistance zone.
However, XForceGlobal offers a slightly less optimistic short-term outlook, using Elliott Wave Theory to suggest that the price will undergo one more decline before resuming its upward trajectory.
Bottom Line: ETH has been climbing since October, approaching its yearly high. The community is closely watching to see if it can break through this level. Experts and analysts hold differing views on its immediate path, but most believe we will see a yearly high.
