Posted 1/16/2024, 3:30:00 PM
Ethereum Price Action Mirrors 2020 Bull Run Top Indicator
- Ethereum broke out from long-term resistance levels in late 2022, similar to in 2020 before a parabolic 1,000% price increase
- The weekly RSI indicator is giving a similar overbought signal as in 2020, which preceded the major bull run
- Analysts on X are very bullish on Ethereum with price targets between $3,400 to $5,000 in 2023
- There are similarities between Ethereum's current price action and the 2020 bull market top indicator
- A break below $2,200 would invalidate the bullish outlook, with next support at $1,600