Crypto Blog
After a robust uptrend fueled by steadfast demand stabilizing the price at the significant $1.5K support region, Ethereum’s price has reached a pivotal resistance area, notably the 100-day moving average.
Accordingly, if buyers reclaim this vital level, it could pave the way for another bullish leg, potentially targeting the 200-day moving average at $1.8K. It brought the cryptocurrency to a significant resistance zone, encompassed by the upper boundary of a short-term descending wedge , the static resistance level of $1.7K, and the upper trendline of a multi-month falling wedge pattern .
As depicted in the chart, the taker buy-sell ratio has grown substantially, surpassing the value of 1. This surge signifies a prevalent bullish sentiment in the futures market. This upward trend aligns seamlessly with Ethereum’s recent impulsive surge, propelling it toward the $1.7K resistance level.
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