- Ethereum Coin (ETH) price is moving towards the next round level of $2000.
- Vital moving averages like 20, 50 and 100 are well below the current price.
- Buyers accumulated ETH coins well above the $1400-key support level.
Ethereum (ETH) completed the prior session’s gains and is currently trading in a pretty narrow trading range. The value is stabilizing above the $1,655 short-term resistance line. This occurs when the bulls tried to maintain Wednesday’s gains and encountered roadblocks at the upper levels (mentioned in the chart).
Since last week, Ethereum has been trending upward. The daily price scale is displaying a high-low configuration. As a consequence, ETH crypto has recovered roughly 20% in the last ten days, and the weekly price candle is still forming a powerful bullish candle. Meanwhile, the Ethereum coin is now trading at $1726 versus the USDT pair at the time of writing.
The $1400 level has at times provided support to buyers and is still valid as an important hedge area for buyers. Furthermore, the $2000 conceptual round level is a significant bullish hurdle for the ETH coin. On the weekly time frame, the bulls are aiming to close the weekly price candle above the 20-DMA.
As per CMC, the market cap has increased by 1.4% to 211.17 billion in the last 24 hours. Important moving averages like 20, 50, and 100 are well below the current price in terms of the daily price chart.
RSI is Going to Reach into the Overbought Territory
Buyers are playing aggressively as the RSI indicator has reversed from lower levels. Now the RSI is moving towards the peak overbought zone. Moreover, the MACD indicator is aiming to move above the neutral zone after a bullish crossover in the context of the daily price scale.
Conclusion
Ethereum (ETC) is showing higher momentum as bulls continue to hoard the crypto. The bulls are taking advantage of the 20-day moving average to provide support. The RSI indicator is moving towards an overbought zone, which indicates a positive trend for Ethereum.
Support level – $1,400 and $1,000
Resistance level – $2,000 and $3,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.