$ETH is steadily approaching the $2,000 level, a key resistance zone that many traders are watching closely.
A decisive breakout and successful reclaim of this level as support could strengthen bullish momentum and pave the way for the next leg higher. Market sentiment has been improving, but this remains an important test that could determine Ethereum's short-term direction.
$BTC just printed its highest weekly close in 5 weeks.
Bitcoin has now closed above the 200-week MA support for 3 consecutive weeks, showing relative strength even as the Nasdaq 100 dropped more than 4%.
Key levels:
Resistance: $67K and $83K Support: $58K and $49K
What the chart is showing:
• MACD has turned bullish • Bullish RSI divergence remains intact • Stoch RSI is showing positive momentum • The bullish engulfing candle from 3 weeks ago is still holding
Interestingly, this same bullish engulfing setup has appeared 3 times this cycle, and each time it was followed by a strong rally.
Two scenarios from here:
• Hold above $58K → potential move toward $67K and $83K • Weekly close below $58K → next major support around $49K