Opinion: Ethereum prices are showing strength and may see a larger rebound

As reported by CryptoPotato, according to technical analysis by TradingRage, although the price of Ethereum has been showing lower lows and lower lows within the descending channel after failing to break through the $4,000 resistance level, now, the cryptocurrency is recovering above $3,000 and has exceeded the middle line of the channel. If the market can successfully recover to these levels, then a breakout of the channel and a continuation towards $4,000 and even higher prices can be expected. The 4-hour chart provides a clearer picture of the recent price action. The market has barely broken through the $3,000 resistance zone and is currently testing the middle line of the descending channel. With the RSI showing a value of more than 50%, ETH is likely to break through this level and may continue to extend beyond the $3,600 resistance area. In this case, market participants can be optimistic that a new bull wave will begin soon.