Technical analysis

Is Ethereum Price Heading To $2000?

Amidst the volatile market, ETH price emerges resilient, clutching firmly to its pivotal $1,500 support zone. Even with sharp market moves, Ethereum’s unwavering posture above this key benchmark is commendable.

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Looking back at last week, the ETH price climbed its way back up to $1600. That’s a jump of 6.30% in just a week! But, just like Bitcoin, Ethereum had a slow weekend and saw a small drop of 1.5%. The ETH price is currently trading at $1635 as the market hints at a recovery. 

Digging deeper into the technical panorama, the conspicuous ‘death cross’ on the daily graph casts a shadow of bearishness over Ethereum’s trajectory. But, starting the week, Ethereum’s showing some promise with a 0.49% rise. 

Plus, with the ETH price not dipping much over the weekend, it looks like Ethereum might be gearing up for a comeback. Moreover, the lower price rejection observed in the recent daily candles implies a potential imminent bullish resurgence.

Technical indicators:

RSI indicator: The daily RSI traces a potent bullish divergence, further fanning the flames of a prospective rally breakout.

MACD indicator: Both the MACD and its counterpart, the signal line, dance deftly, evading a bearish entanglement.

Also Read: Ethereum Price Prediction 2023, 2024, 2025: Will ETH Price Cross The $2,000 Again This Year?

Will Ethereum Prices Float To $2000?

ETH price rally seems set to collide with a potent barrier located at the intersection of the 50-day EMA and the short-term resistance trendline. A triumphant breach past these adversaries could set the stage for Ethereum’s glorious return to $2000. This will realign the 50 and 200-day EMA in a bullish manner.

Conversely, a descent beneath the $1600 mark may threaten to pull Ethereum back into the gravitational grip of the $1500 threshold.


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