Ethereum (ETH) price broke above a long-term downward resistance line that has been in place since the all-time highs.

ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. After Bitcoin (BTC), it is the largest cryptocurrency by market capitalization. ETH price has risen rapidly since reaching a low of $1,368 on March 10 (green icon). The advance led to a recovery of the $1,690 resistance area and a new yearly high of $1,841. Furthermore, it caused the RSI to break above its bearish divergence trendline (green line).

As long as the price does not fall below the $1,690 level area, these are signs of a bullish trend and support the rise. If this happens, ETH could drop to the rising support line at $1,400.

Ethereum (ETH) price long-term outlook supports gains

ETH price has been falling below a downward resistance line since reaching an all-time high of $4,868 in November 2021. The downtrend ended in June 2022 with a low of $881. Prices have since risen.​

After falling below the $1,370 level area (red circle) twice, the price regained this area and confirmed it as support during the week of March 6-13, forming a long lower shadow (green icon).

The following week, Ethereum price broke above the aforementioned descending resistance line. At the time of the breakout, the line had been in place for 490 days. A breakout of this long-term structure usually results in a sharp move higher. Additionally, the weekly RSI broke above the 50 line, which is another bullish sign.

If gains continue, the next resistance levels are at $1,980 and $2,400, which is the 0.382 Fib retracement resistance.

Wave numbers are consistent with bullish readings

Ethereum price volatility also supports continued gains. While it’s uncertain whether the uptrend is part of an ABC structure (black) or a five-wave rise (white), both indicate an expected rise to at least $2,450. This would give a Wave A:C ratio of 1:1 and align it with the Fibonacci resistance zone outlined earlier.

The reaction once the price gets there could then be crucial in determining whether the ETH price rises to a new all-time high or falls.

All in all, the most likely ETH price prediction is a rise to at least $2,450. However, a close below $1,690 would invalidate this bullish outlook and could lead to a drop to $1,400.