This year, Ethereum has lagged behind some major cryptocurrencies, strengthening by only 90%. However, in December, ETH managed to overcome a critical resistance zone.

Ethereum has successfully overcome the 550-day resistance, which has become an important event in the cryptocurrency market.

An analysis of the weekly chart shows that since May, Ethereum has continued to grow along the ascending support line. The last time this trend line was tested was in October.

After the rebound, Ethereum's growth accelerated, and a new annual high of $2,403 was reached on December 8. An important point of this growth was the overcoming of the 550-day horizontal resistance area.

Previously, since April 2021, this area acted as support, but in May 2022 it turned into resistance.

A cryptocurrency analyst and trader is optimistic about the prospects of Ethereum in light of the expected launch of the ETF. He believes that Ethereum can repeat the successful path of Bitcoin and reach new heights. The levels of $2.7thousand and 3.4 thousand dollars are on his radar.

The popular Inmortal analyst also makes a positive forecast for Ethereum based on trading ranges.

The RSI momentum indicator indicates a bullish trend, as it is growing and is above the 50 level, which is considered a positive signal. Moreover, the RSI index is approaching the overbought zone, which in previous cycles was accompanied by a significant increase in Ethereum at the level of 105% to 340%.

It should be noted that the nearest resistance area at $3,400 is 55% higher than the current Ethereum price, and the historical maximum is even higher by 105%.

However, you should be careful, as closing the Ethereum price below the horizontal area of $2,000 can cause a 25% decrease to the level of the ascending support line of $1,650.