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

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?
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.
Source- 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.
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
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy