Ethereum Bulls Maintain Their Strength-Here Are the Resistances to Be Overcome

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

The Ethereum price has maintained acute strength since the beginning of the month and has been able to reach interim highs above $1975. Although the price is currently experiencing a minor pullback, bulls continue to hold enough dominance that they may keep up the levels above the bearish structure. Besides, the volume remains relatively low, which has not hindered the progress of the rally. 

One of the main reasons behind the mourning strength among the bulls is the rising interest of the traders in staking the token on ETH 2.0 rather than exchange deposits. This indicates the bullish mindset of the traders, who are more interested in staking ETH than performing trades. According to a popular on-chain platform, Glassnode, the exchange rate for deposit transactions has remained flat. 

The daily exchange deposits post the Shanghai upgrade have been hovering between 28,000 and 32,000. These had undergone a notable rise in June before dropping back to their initial region. Besides, the staking deposits post the upgrade have risen from 460 to 8,108 and marked highs around 13,595. Although the staking deposits have also dropped, the bulls have already begun to maintain a healthy upswing. Therefore, the price may soon rise beyond $2000, which is one of the crucial resistances. 

The second largest token was trading within a symmetrical triangle, and the recent upswing lifted the price above the pattern. The ETH price is currently trading very close to the interim milestone of $2000 and has been facing a slight pullback at the moment. However, the trend continues to remain incremental as long as the price remains above the crucial 50-day MA levels. Besides, the RSI is also incremental, which suggests an upward trajectory may prevail for a long time.