Ethereum price hit a new ATH of $1476 on Monday after recently testing the previous ATH a few days ago. While ETH’s resurgence is bullish in the short-term it is yet to determine how the long-term outlook will evolve. At press time, there are conflicting long-term outlooks but the short-term scenario seems bearish for the smart contracts platform.
Trading at $1423 at press time, Ethereum price stands above an important area of resistance; failure to conquer this resistance puts bears in control.
Ethereum 6-hour chart
Source: ETHUSD TradingView
The Ethereum price shows an ascending parallel c