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#CanBitcoinReclaim$70K? Looking at the long-term chart of ** (ETH)**, the market is approaching a very important technical level.
The ascending trend line that started years ago is currently being tested again. This line has acted as a strong long-term support for the price.
If the price holds above this trend line, we could see a recovery toward the following zones:
2400
3000
3500
4200
Before attempting to challenge the major resistance near the historical high around 5000.
However, if the trend line is broken with a clear monthly close, the market structure could weaken and lead to a deeper correction.
Another important signal is the monthly MACD indicator, which is starting to show signs of weakening momentum.
This means the market is currently at a decision point.
A strong bounce from the trend line could start a new upward wave, while losing it could open the door for a broader correction.