Ethereum ETH price regained its bullish trend against Tether (USDT) as it builds more strength to break above the key resistance ahead of “The Merge.” ETH price saw a rejection to a region of $1,500 recently as it could not hold its bullish trendline acting as support. (Data from Binance)
Ethereum ETH Price Analysis On The Weekly Chart
Weekly ETH Price Chart | Source: ETHUSDT On Tradingview.com
From the chart, the price of ETH saw its price rejected to a region of $1,540 on the weekly chart as the price was unable to hold $1,700 and the trendline acting as support for ETH price.
ETH weekly candle closed with a bearish sentiment, with the new week’s candle looking bullish for price recovery.
The price has continued to gain traction, outperforming Bitcoin’s (BTC) as ETH price shows strength, trying to flip resistance into support for the price to trend higher.
If the price of ETH on the weekly chart maintains this structure, it could quickly trend higher to a region o ..
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