The Ethereum price is testing the resistance around the $2,100 level after an uptick in the weekly and biweekly timeframes. CoinMarketCap data states the Ethereum price has risen by 8.5% and 9.1%, respectively after a long period of decline.
According to Grayscale in a report, the low transaction fees could be the reason why the Ethereum price has underperformed in the current bear market. Presently, the Ethereum price has risen above the $2,069 of a rectangular channel for the first time in two weeks.
This was after the altcoin price tested the tested the support level of the descending triangle on Friday. A rejection at $2,069 could take the top altcoin toward the $1,818 support level. However, the Ethereum price may surge to $2,267 if it breaks above the $2,069 resistance.
Meanwhile, a top analyst called Bull says the Ethereum price might surge to $2,700-$2,900 if it flips the $2,150 resistance into support. However, until the Ethereum price manages to close above this level, the analyst says it will remain vulnerable to rejection.