NewsletterETH 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
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