The blockchain intelligence firm, CryptoQuant, tweeted today that there has been a significant increase in the number of smart contracts deployed on the Ethereum (ETH) blockchain over the last 4 months. The tweet added that this “can be considered fundamental good news for Ethereum.”
At press time, the altcoin leader’s price has risen over the last 24 hours according to CoinMarketCap. After a 24-hour gain of 1.59%, ETH’s price now stands at $1,565.66. This latest gain has added to its weekly price performance which currently stands at +17.92%.
Daily chart for ETH/USDT (Source: CoinMarketCap)
From a technical standpoint, ETH’s daily chart is bullish after ETH’s price was able to break above the resistance level at $1,345.65 on Jan 10, 2023. Since then, ETH has been in a multi-day upward rally. This rally has elevated ETH’s price to the current daily resistance level at $1,596.36.
This resistance level has forced ETH’s price to pullback slightly, as can be seen by today’s red candle. Technical indicators are, however, bullish– suggesting that ETH will overcome the current resistance level in the coming days.
The first bullish technical flag is the 20-day EMA which is positioned above the 50-day EMA line. The relative positions of these two EMA lines is a sign that ETH has entered into a short to medium-term bullish cycle.
The second bullish technical flag is the daily RSI line which is positioned above the daily RSI SMA. Should ETH’s price overcome the resistance at $1,596.36 then its next target will be $1,699.12.
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