The fact that this year’s downtrend line at $71,454 has been breached is another technically positive sign.
What is needed now for a medium-term bullish reversal to gain traction is a rise and daily chart close above Wednesday’s $74,071.02 high. If this were to happen, the March 2024 peak at $73,757.39 and the October 2024 high at $73,581.22 would be overcome and the way would open up for the 55-day simple moving average (SMA) at $77,456.43, the 1 to 3 February highs at $79,160.49 – $79,369.55 and the November 2025 low at $80,619.71 to be reached.
If exceeded, the December lows at $83,871.20 – $84,445.35 may be reached as well.
Upside pressure is expected to retain the upper hand while the late February lows at $63,046.65 – $62,527.40 hold.
Ether grapples with major resistance zone
The technical picture is similar for Ether (ETH) as it grapples with its major $2,152.44 – $2,095.58 resistance area. It consists of several daily highs and lows seen since April 2023.