Ethereum News Today: Rocket Pool RPL Rallies 18.6% as $8.17 Resistance Looms Critical

Rocket Pool (RPL) has seen a notable price rebound, rising 18.6% over the past week to trade around $7.87. The token has confirmed a breakout and retest pattern on the daily chart, signaling renewed bullish momentum following a prolonged symmetrical triangle formation that began in late April. The breakout occurred near the end of July, supported by a series of bullish daily closes that have reinforced the upward trend [1].

The immediate support level for RPL is currently holding at $7.04, a key area that aligns with the upper boundary of the triangle. This zone has shown repeated buying interest over the past two weeks, particularly after the recent retest, which saw increased volume confirming the strength of the support. The price reversed cleanly from this level, reinforcing its importance as a short-term pivot point [1].

Consolidation is now taking place just below the next resistance level at $8.17, which has already been tested twice in recent days without a successful breakout. This area coincides with prior price rejections dating back to early June, making it a critical threshold for near-term directional movement. A successful break above $8.17 could open the path toward $9.25 and $12.10, according to technical analysis [1].

The token’s price movement remains closely aligned with Ethereum (ETH), with RPL showing strong beta behavior amid rising volume and consolidation. As ETH regains strength, RPL has mirrored those gains, reinforcing its correlation with the broader market. However, maintaining a price above the breakout level will be crucial for sustaining the bullish structure. Should RPL fail to remain above $8.17, it may signal a loss of upward momentum and a retest of the $7.04 support [1].

Momentum indicators are currently aligned with the bullish technical setup, and the next few daily closes will likely determine whether the breakout holds or reverses. As trading volume continues to build and ETH remains strong, Rocket Pool is positioned within a well-defined pattern that reflects recent positive price action [1].

Source: [1] Rocket Pool Maintains Bullish Structure After 18.6% Rally — Eyes Set on $8.17 Resistance Breakout (https://cryptonewsland.com/rocket-pool-maintains-bullish-structure-after-18-6-rally-eyes-set-on-8-17-resistance-breakout/)