Ethereum Breakout Incoming? ETH RSI Signals Massive Surge
The price of Ethereum (ETH) recently reclaimed the upper boundary of its multi-week range, breaking above the $2,800 resistance level. At press time, Ether sits at $2,818, with its market capitalization now up to $338.8 billion. The cryptocurrency market seems to be rebounding from its recent slump. Bitcoin (BTC) has reclaimed the $108,000 mark and is inching closer to hitting $110,000 once again. BTC hitting $110,000 could lead to another market-wide rally, causing the likes of ETH to follow. One indicator hinting at a potential Ethereum breakout outside of Bitcoin’s rally has been the ETH relative strength index (RSI). Crypto analyst Merlijn highlights that the market experienced a “fakeout” below key support, which was immediately followed by a bullish reversal and breakout. A visible RSI downtrend was also breached, signaling renewed strength in momentum. The chart above, shared by Merlijn shows an ascending triangle pattern—marked by rising lows and flat resistance—that cul...