In the past three weeks, the price of Ethereum has increased 16% and shows no indications of slowing down.
Investors should reconsider their position on ETH owing to three factors as the smart contract token gets closer to the $1,375 barrier.
The price of Ethereum is now circling inside the $1,679 to $1,071 range that was created following a 36% drop in early November 2022. In addition to being a strong resistance level, $1,375 also marks the middle of the aforementioned range, making it difficult to break over.
Additionally, the RSI showed a bearish divergence, pointing to a takeover by the selling.
A negative divergence happens when an asset’s price is moving in one direction while an indicator, such the RSI, is moving in the other direction, perhaps indicating that the current upswing may reverse. Investors should thus use prudence while trading ETH.
On the other side, a crucial point for the price of Ethereum is the $1,375 barrier. Little volume was produced, according to the volume profile indication.
Between $1,375 and $1,499, s was exchanged. Therefore, for ETH bulls, a successful conversion of the $1,375 barrier into a support floor will be a key event.
Such a surge would refute the bearish argument and push Ethereum’s price back up to the psychological milestone of $1,500.
