- CoinMarketCap data indicates ETH achieved a 24-hour gain of 2.66% and was trading at $1,686.15 as a result.
- Meanwhile, ETH was able to break above a medium-term negative trend line that had formed on its weekly chart.
- If ETH closes this week’s weekly candle above $1,755, then it could rise to $2,130 within the next 2 months.
Data from CoinMarketCap indicated that Ethereum (ETH) had risen by 2.66% over the past 24 hours. Subsequently, the largest altcoin in terms of market cap was changing hands at $1,686.15 at press time. Most notably, technical indicators on ETH’s chart suggested that the cryptocurrency may be in the process of a significant bullish trend reversal.
Weekly chart for ETH/USDT (Source: TradingView)
ETH breaking above a long-term trend line on its weekly chart over the past week could be seen as an extremely bullish technical development. Furthermore, the leading altcoin’s price continued to trade above this trend line at press time, which could indicate that ETH was finally breaking out of the bearish cycle that it had been trapped in over the past few months.
A possible…
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