HomeContributorsTechnical AnalysisETHUSD Attempts to Erase Recent Pullback

ETHUSD Attempts to Erase Recent Pullback

  • Ethereum posts 19-month peak before retracing lower
  • But the bulls regain control and recoup some losses
  • Momentum indicators point at more gains ahead

ETHUSD (Ethereum) has experienced a strong rally since late October, which propelled the price to a fresh 19-month peak of 2,403 on December 9. Although the latest high was followed by a mild setback, the price seems ready to stage a recovery as both the RSI and stochastics are implying strengthening positive momentum.

Should the rebound extend and the price storms to fresh highs, initial resistance could be met at the March 2022 bottom of 2,445. If that barricade fails, there is no prominent resistance until 2,820, which has acted both as support and resistance during the first half of 2023. Conquering that region, the bulls might then attack the March 2022 hurdle of 3,050.

On the flipside, bearish actions could send the price to challenge the recent support of 2,140, which also held strong both in April and November. Sliding beneath that floor, the altcoin could descend towards the 2,000 psychological mark. A break below the latter may pave the way for the November support of 1,920.

Overall, ETHUSD has been regaining traction in the near term in an attempt to wipe out its latest pullback. Is the price heading towards fresh multi-month highs?

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