Is Ethereum Coin Price Ready To Hit $2000?

With the improving bullish sentiment in the crypto market, a new support trendline has emerged in the Ethereum price chart. The altcoin faced its last reversal from this support trendline on January 1st, which is also the starting point of ongoing recovery. The parabolic growth in ETH price accounted for a 33.3% rally within the last 3 weeks. In addition, significant growth in volume activity also highlights the buyers’ strong interest in climbing to a higher level.

Key points: 

• An ascending trendline may assist ETH holders in maintaining an uptrend.
• the rising ETH price has recently regained the 200-day EMA slope
• The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain

Source- Tradingview

.On January 14th, the coin price gave a massive breakout from the combined resistance of $1500 and 200-day EMA slope. Anyhow, the last time the altcoin was above the EMA was in April 2022.

In the last two days, the coin chart has shown lower price rejection candles showing sustainability above the breach $1500 level. Today the coin price is 2.76% up and trying to follow up on the recent breakout. With sustained buying, the ETH price may rise another 5% to reach the $1670 resistance.

However, it is safe to assume the Ethereum coin price has witnessed a remarkable rally in a relatively short time. Therefore, it is likely the coin price may trigger a temporary pullback to stabilize the ongoing bull run.

Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023

Moreover, the potential buyers should look:  out for the following resistance, such as $1670 and $1970 could be sweet work for sellers to wrestle trend control.

The potential downfall may revisit the $1500 or $1420 support before the Ethereum price triggers the next bill cycle.

Technical Indicator

RSI: the RSI slope soars into the overbought region, indicating buying activity needs to be stabilized to maintain a steady rally.?,

EMAs: Amid the recent recovery, the ETH price reclaimed the crucial EMAs(20, 50, 100, and 200). Moreover, a bullish crossover of 20-and-100 days encourages more buying orders for Ethereum.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1590
• Trend: Bullish 
• Volatility: Low
• Resistance level- $1670  and $1800
• Support level- $0 and $1420