ETH Price Analysis: Will Ethereum Price Reclaim $2000 Mark?

Brian Bollinger
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
ethereum

With almost 100% gain over the last month by Ethereum(ETH), prices challenge the $2000 psychological mark in an attempt to reclaim the 200-day EMA slope. Moreover, the bullish crossover of the EMAs projects a potential of an uptrend continuation teasing a rounding bottom breakout. However, should you be bullish despite the higher price rejection candles or expect a bearish retracement?

Advertisement
Advertisement

Key points: 

  • The ETH price aims for a 20% jump in buyers to beat the supply pressure at the $2000 mark.
  • The bullish crossover of the 20 and 100-day EMA projects a bullish trend continuation.
  • The intraday trading volume in Ethereum is $12.88 Billion, indicating a 30% loss.

ETH/USDT ChartSource- Tradingview

The ETH/USD pair chart shows the rounding bottom reversal after taking bullish support at the psychological mark of $1000. The bull run has doubled the market price of Ether within the last month and breached the 50 and 100-day EMA.

The lack of a bearish candle in the last four days reflects a solid bull run, approaching $2000 psychological mark. However, the higher price rejection with the declining trend in the intraday trading volume warns of a bearish retracement.

Hence traders can expect a bearish retracement from the supply zone at $2000 to retest the support curve of the rounding bottom pattern. However, the bullish crossover of the 20 and 100-day EMA projects a potential uptrend continuation avoiding a drop below the bullish pattern. 

Considering the upcoming trend breaks above the supply zone, the breakout rally will exceed the 200-day EMA to test the overhead resistance of $2400.

On a contrary note, the bullish theory will be nullified if the retracement rally breaks below the $1900 support level.

Advertisement
Advertisement

Technical indicator-

DMI- The increasing bullish gap between the DI lines with the rising ADX line represents a bullish trend gradually gaining momentum. 

RSI– the daily RSI line exceeds into the overbought boundary after taking support at the 14-day SMA.

  • Resistance level- $2000, and $2168
  • Support level- $1900 and $1739
Advertisement

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.