Since hitting lows in June, Ethereum (ETH) has risen by over 50%, outpacing Bitcoin (BTC), which has been growing more slowly.
Since December last year, ETH has been falling below a descending resistance line. In June, the top altcoin dropped to a low of £862 due to the downward movement.
A high of £1,719 was reached in August after a strong rise in price that allowed it to break out at the end of July.
The daily relative strength index (RSI) is exhibiting signs of weakness despite this significant increase because it has broken down from an ascending support line.
As a result, it could head back to the 0.382 Fib retracement support level at £1,183 to confirm that the resistance line is in fact a support level, before starting to move higher again.
The weekly chart shows a clearer bullish trend. The weekly RSI’s breakout from its downward resistance line and subsequent move above 50 are the primary causes of this. This is regarded as a sign of an extended upward trend.
According to the wave count, the price appears to have bounced at the resistance line of the preceding channel, concluding a fourth-wave decline.
The primary targets for the movement’s peak, if it moves upward, would be between £1,886 and £2,075. These are formed by the lengths of wave one and wave three and the 1.61 external Fib retracement of wave four.
Since May 2021, Ethereum miners have been increasing their positions in anticipation of the long-awaited Merge on September 15. When accounts holding less than 0.1 ETH are excluded, the balance of other miners reaches an all-time high.
On the other hand, miner income is extremely close to reaching a new record low. Only in January 2020 was it lower than it is now.
Ethereum miners’ unwavering conviction stands proven because they are increasing their balance despite historically low fee income.