Ethereum Tests $2,000 For The First Time in 74 Days, Here’s What’s Next (ETH Price Analysis)


The bulls have been in control of the market for more than a month. They have managed to push the price by more than 100%. The majority of this rally has been without a considerable correction, begging the question if one is pending following the test of the critical $2K level.

Technical Analysis

By Grizzly

The Daily Chart

Buyers still dominate the market and push the price up. They were able to return to the $2,000 level after 74 days.

In the meantime, a critical resistance zone is blocking Ethereum. It is formed as a result of meeting the horizontal resistance in the $2200-2300 range (in red), the descending line resistance (in yellow), and the 200-day moving average (in white). A close above this zone can extend the rally to $2,700.

On the other hand, the Relative Strength Index (RSI) has reached above 70, which can be a warning sign. If Ethereum performs similarly to April 2022 and November 2021, it will likely take a break by touching/before touching the resistance zone. In this case, it can be expected that $1700-$1800 will be retested.

Key Support Levels: $1800 & $1500
Key Resistance Levels: $2160 & $2300

Daily Moving Averages:
MA20: $1705
MA50: $1436
MA100: $1600
MA200: $2258

Related:  Graphics Card Prices Tank in China Weeks After Ethereum Merge
1
Source: TradingView

The ETH/BTC Chart

Against Bitcoin, the price is forming a cup and handle pattern (in yellow). The top of this pattern is in the range of 0.086 to 0.088 BTC. If the bulls can flip this level, it signals a bullish rally. Such a move can push ETH up to the target of 0.16 BTC. As long as the Ethereum fluctuates above 0.07 BTC, the bullish structure remains strong.

Key Support Levels: 0.0.75 & 0.07 BTC
Key Resistance Levels: 0.083 & 0.088 BTC

2
Source: TradingView
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: