Ethereum Continues Climb Along Bullish Trendline

Ethereum is steadily moving within a bullish structure, continuing its back and forth below the crucial resistance at $2739.0. This level, which provided solid support from April through July, now acts as a robust resistance following a breakdown below it. Since August, Ethereum has tested this resistance multiple times, yet it holds firm against upward momentum.
After dipping to the demand zone of $2251.0 in September, Ethereum has formed a series of higher lows that align with a bullish trendline. This trendline suggests growing buyer interest, even as the price struggles to surpass $2739.0. If buyers maintain their pressure, there is a high chance this resistance level will eventually break, paving the way for an extended bullish trend.

Ethereum Key Levels

Demand Levels: $2430.0, $2251.0, $2000.0
Supply Levels: $2739.0, $3086.0, $3600.0

What Are the Indicators Saying?

The bullish trendline stems from higher swing lows beginning near the $2251.0 demand zone. Each test of this trendline has also triggered oversold readings on the Stochastic indicator, reinforcing buying opportunities. Additionally, the Supertrend indicator has shifted green, indicating a sustained bullish outlook due to these higher lows.

Ethereum remains positioned for a potential breakout if buying interest persists. Should the price manage to close above $2739.0, it could signal a bullish continuation toward the next supply zones at $3086.0 and $3600.0. Until then, the market is likely to see ongoing tests of the resistance, with traders closely monitoring forex signals and technical indicators for insights into potential moves.

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