The price of the top altcoin in terms of market capitalization, Ethereum (ETH), retested the crucial support level of $1,600 over the past week. However, the bulls were able to defend the key price point, which ultimately resulted in ETH price rallying to the nearest resistance level of $1,750 in the following days.
The latest ETH rally may be an opportunity to enter a short-term long position, especially as multiple bullish technical signals may be triggered in the next 24-48 hours. The first bullish sign that investors and traders will want to pay attention to is the daily RSI line, which was about to cross above the daily RSI SMA line at press time.
If these two lines intersect in the next 48 hours, the ETH price may look to move toward $1,925 in the next week. Also, at press time, the 9-day EMA line was getting close to the 20-day EMA line. If these two technical indicators intersect, it will signal that ETH has entered a medium-term bullish cycle. If validated, ETH could fetch as much as $2,700.
On the other hand, if the daily RSI line on the ETH chart fails to close above the daily RSI SMA line and bounces off the SMA line in the next 24-48 hours, then ETH could retest $1,600. If the support level is breached by the price of the cryptocurrency, then ETH could fall to $1,373.5 in the following week.
At press time, CoinGecko indicates that ETH was one of many cryptocurrencies that saw a small gain in the last 24 hours of trading. The cryptocurrency was worth approximately $1,730.22 after a slight 0.6% rise in price. Even so, the weekly performance of ETH remains in the red zone, with -1%.
Meanwhile, ETH trading volume over the last 24 hours decreased by 0.66%, leaving it at $3,670,812,987. Since reaching its all-time high of $4,891.70 in November 2021, the price of the cryptocurrency has fallen more than 60%.
