ETH/USDT Forecast: Eyeing Upside Breaks, A Fresh Rally is Coming

Ethereum price is showing positive signs above $4,300 against the US Dollar. On last Friday, ETH price reached another maximum near the $4,457 mark. However, on Saturday and Sunday, there was a correction in which ETH dropped to $4,165. After the short-lived correction last week, ETH recovered quickly and has maintained a price above the $4,300 support level. This is a show of strength from the bulls and the bears need to return in force if they stand any chance of reversing this momentum.

 

One of the reasons for the increase of Ethereum is the process of burning coins, removing ETH tokens from circulation. If we draw an analogy with traditional markets, this is something like a buyback of shares.

 

Another factor that pushed ETH up was the news of the successful start of the Ethereum 2.0 Altair update for the Beacon Chain, which brought the full launch of ETH 2.0 even closer.

 

ETH Technical Analysis

On the daily chart, we see that the last jump in price is turning to a new peak, which is higher than the previous one, and at the same time, both the MACD and RSI did not react in the same way and no new peaks were formed. A small bearish divergence has formed.


ETH price moving within the ascending channel, once again reached its upper border, from where a rebound in the opposite direction is also possible. If the strength of the bulls is enough, then there will be a rebound and a possible breakout of the uptrend border which is around $4,500. If the price turns out to be below trend line, then its further decline to the lower border of the ascending channel at $4,100 - $4,000 region, is possible.

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