by • Ethereum’s price has been recovering from a crucial support zone.
• There exists a notable resistance level that must be surpassed in order for the market to potentially transition into a bullish phase.
• The current focus appears to be on surpassing the psychological resistance level of $2000, followed by the important technical area around $2300.
Ethereum Price Analysis
Ethereum’s price has been steadily recovering from a crucial support zone and is now approaching an important resistance level. If this level is surpassed, it could indicate a potential transition into a bullish phase.
Daily Chart
The daily chart reveals that Ethereum found significant support at the 200-day moving average near $1600 and subsequently experienced an upward rally which saw it surpass both the $1800 resistance level and 50-day moving average. The major focus now appears to be on surpassing the psychological barrier of $2000 as well as the key technical area near $2300.
4-Hour Chart
Examining the 4-hour chart, we can see that Ethereum found support at the lower boundary of a significant falling wedge pattern which aligned with its previous support at the $1600 mark. After reclaiming this level, it was then able to break out of the wedge pattern and climb above its previous resistance at $1750. However, it’s currently facing some resistance around the $1900 zone and RSI suggests overbought conditions could lead to some short-term pullback or consolidation.
Resistance Levels
In order for Ethereum’s market to potentially enter into a bullish phase in the long term, it must first overcome two major resistance levels: The psychological barrier of $2000 as well as an important technical area near $2300.
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