Because of that, the alternative token turned around a two-month support level of $1,442. However, the leading alternative may face temporary obstacles in the coming sessions, as the resistance at $1,790 coincides with the upper trend-line of the upward channel.
However, the general Ethereum community's mood may begin to turn around as the project readies itself for the long-awaited Merge in the wake of the successful shadow fork. At the time of writing, the price of Ethereum was $1,767.1, up 2.7% from the day before.
Ethereum Daily Timescale
After bouncing back from the expected breakdown of the descending wedge, the bullish momentum in Ethereum returned. Bulls have been encouraged by the token's rise over the past two weeks to test the limits of their supply territory around the $1,790 price area.
Meanwhile, the return to buying is being met with resistance at the upper boundary of the rising channel. Considering the confluences of the border and the resistance at $1,790, Ethereum might witness a brief higher price rejection from the nearest resistance. The Bollinger Bands' upper band continued its northward trend, though.
If the bands on the top side of the sky close, that could mean tense pauses in the sessions to come. If $1,790 is breached with a closing price, we could see a prolonged decline. In such cases, the range of $1,907–$1,993 could represent reasonable goals. Meanwhile, if $1,703 is broken, it could usher in a period of temporary weakness that could send ETH prices tumbling to $1,648.
Alphonsus Odumu 6 d
Ether price