Data from CoinMarketCap shows that Ethereum (ETH) has increased 2.66% over the past 24 hours, and is currently trading at $1,686.15. This is having a positive impact on the value of ETH.
Additionally, on the weekly chart, ETH has shown signs of breaking a medium-term negative trendline. If ETH can close this week's weekly candle above $1,755, it is likely that the price will rise to $2,130 within the next 2 months. This is considered a positive technical development, and suggests that ETH may have broken out of the long bearish cycle of the past few months.
