Ethereum Price Analysis: Reclaiming $2,000 Psychological Barrier
The price of Ethereum (ETH) has once again risen above the psychological price barrier of $2,000 after being rejected three times during the initial rally.
Ethereum Price Long-Term Analysis: Bullish
The altcoin has reclaimed the $2,000 support and if it holds, Ethereum is expected to continue its uptrend. Breaking the resistance above $2,131 could push the price to reach a high of $2,200.
Struggling to Maintain Positive Momentum
Buyers are currently struggling to maintain positive momentum above the support level. Upside momentum is expected to face resistance at $2,030 and $2,080. If the key support at $2,000 is lost, Ethereum risks falling sharply to the $1,810 support level.
Analysis of Ethereum Indicators
Ethereum is recovering above the 21-day simple moving average (SMA) support. Long candlestick tails indicate significant buying pressure above the 21-day SMA. Breaching the moving average lines could result in selling pressure on Ether.
Technical Indicators
Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
Next Direction for Ethereum
Ethereum is expected to continue its uptrend above $2,000 but may encounter resistance at higher price levels. The altcoin is currently trading in the overbought zone, increasing the risk when sellers appear in this region.
Last week, Ether fell to a low of $1,940 before recovering.
Hot Take: Ethereum Reclaims $2,000 Psychological Barrier
Ethereum has successfully reclaimed the psychological price barrier of $2,000, signaling a bullish trend. The altcoin’s ability to hold the current support level will determine whether it can continue its uptrend. However, resistance is expected at higher price levels and Ethereum is currently in the overbought zone. Traders should closely monitor key support and resistance levels to make informed decisions.
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