ETH price has been gradually moving within an upwards sloping trendline, with bulls breaking multiple resistance levels as buying pressure increased. This movement has led to the emergence of a rising parallel channel where the upper trendline is now serving as a strong resistance.
Bullish traders who are buying the ongoing rally are now testing resistance at around $3,100, and if there is a strong move above it, Ethereum price might kickstart the next stage of its bull run.
The 161.8% Fibonacci level of $3,700 is serving as the main target for bulls if they can overcome the channel’s resistance, and buying pressure remains strong. If the AO bars continue trending above the positive region with green bars, it will show a strong bullish momentum that could aid this bullish Ethereum price prediction.
The on-balance volume is also leaning in favor of an uptrend, with the noticeable rise showing that the inflows to ETH have been rising steadily, and if this continues, the 23% rally to $3,700 might happen.
