Ethereum (ETH) ETH price witnessed a sharp rise and marked a double bottom pattern near the base of $1500. Afterwards, a rebound was noted and ETH hit the $2100 mark. Amid the increase in buying momentum, ETH is heading to retest the 20-day EMA mark. The price action justified the investors’ interest and fresh buying momentum renewed after a correction in the past couple of months. ETH is ready to harvest the gains and is trying to sustain above the primary hurdle of $2000.
ETH price is trading near neutrality and formed a strong bullish candle which scratched the neckline of $2000 earlier. However, the buyers failed to deliver follow-on buying, and ETH dipped slowly & steadily below $2000 and is now at the 20-day EMA mark near $1950. Still, ETH shows bullish dominance and may climb quickly above the trajectory hurdle of $2100.
The live price of Ethereum (ETH) is $1941.23 with an intraday drop of 1.65% showing retracement in the past trading sessions. Furthermore, the trading volume increased by 4.84% to $19.11 Billion and the market cap is $237.08 Billion. Analysts have maintained a technical ‘buy’ rating and suggest volatility that may continue in the upcoming sessions.
Will ETH Hit the $2500 Mark by the End of 2023?
On the daily charts, ETH price shows a spike from $1500 and is close to the round mark of $2000, marking a range breakout. Furthermore, the price action shows buying interest and ETH possesses neutrality again. The technicals are suggesting that, if ETH sustains above $2000, it will trap sellers and may head toward the $2500 mark soon.
The RSI curve stayed above the midline but declined from the overbought zone, indicating profit booking on the charts. The MACD shows a bearish crossover and red bars on the histogram indicating volatility.
Weekly Charts Shows Slow & Steady Comeback
On the weekly charts, ETH price retrieved the gains and mounted the stairs to sustain above $2000. Moreover, the bad days were gone and a fresh pullback was witnessed on the chart. Additionally, the double bottom formation gives the conviction that the downside is capped till $1800, the immediate strong support, whereas the upside is open till $2500.
Ethereum (ETH) price is close to the round mark of $2000 and rebounded from the demand zone of $1500. Furthermore, the price action shows buyers’ accumulation and their readiness to retest the swing high of $2500. If ETH sustains above $2000, it will soar and may go beyond the $2500 mark.
Support Levels: $1850 and $1700
Resistance Levels: $2000 and $2200
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