Ethereum price holds key technical pattern support for gains beyond $2,000

Published April 8, 2021 | Updated April 8, 2021

Ethereum price holds key technical pattern support for gains beyond $2,000

  • Ethereum bulls defend ascending channel’s middle boundary support on the daily chart.
  • Price action past $2,000 may trigger massive buy orders as $2,500 beckons.
  • The MACD shows that the uptrend is not secured and declines will likely come into the picture.

Ethereum has been on an upward role since the beginning of March, as observed on the daily chart. The pioneer altcoin rose from the lows traded at $1,292 toward the end of February and reclaimed the position above $2,000 in April’s first week.

A new record high was also achieved at $2,146 (on Coinbase) before the correction on Wednesday came into the picture. Attempts to defend the support at $2,000 were thwarted by increased overhead pressure, which affected most digital assets, including Bitcoin. The flagship cryptocurrency extended the bearish leg to $56,000 before finding stability.

At the time of writing, Ether teeters at $1,987 while holding onto the immediate support provided by the ascending channel’s middle boundary on the daily chart. If this support remains intact, Ether will likely gain market stability, allowing bulls to focus on stepping above $2,000.

The least resistance path appears upward based on the applied moving averages. The 50-day Simple Moving Average (SMA) maintains a gap above the longer-term 100 SMA and the 200 SMA to show that the trend still favors the bulls.

ETH/USD daily hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

On the downside, it is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bearish impulse. This shows that the expected uptrend is in jeopardy and ETH may resume the downtrend, especially if the MACD line crosses under the signal line. Other support levels have been highlighted at $1,800 and $1,600 if declines extend.

Ethereum intraday levels

Spot rate: $1,995

Trend: Bullish

Volatility: Low

Support: $1,800 and $1,600

Resistance: $2,000 and $2,146

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
John Isige 939 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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