The cryptocurrency market has witnessed a renewed surge in buying activity, sparking a relief rally among several prominent digital assets. Ethereum also experienced a sudden departure from its previous corrective path as prices swiftly rebounded from the $1,550 range surging to $1,635.
It is important to note that Ether has been on a downtrend in recent weeks. The world’s largest altcoin has encountered multiple rejections around the $2,000 resistance threshold. Notably, this metric has consistently dwelled in negative territory for the past several months, which is indicative of a continued bearish sentiment in the futures market toward the crypto asset.
According to the crypto intelligence platform, should the metric persist in its upward trend and breach into positive territory, it may signal the advent of a new phase characterized by bullish price movements. In this case, Ether’s price could experience an upswing, potentially targeting higher resistance levels.Ether has witnessed a 65% drop in value since its all-time high in 2021.
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