Ethereum has successfully recovered from previous losses, surpassing the $2,050 mark.
Ethereum is currently trading above both $2,000 and the 100-hourly Simple Moving Average.
Ethereum has broken through a significant bearish trend line at the $2,050 level on the hourly chart.
Ethereum experienced a robust rally fueled by favorable community responses to Binance's resolution with the Department of Justice (DOJ).
Bullish indicators are supported by recent golden cross patterns, with the 50-day Exponential Moving Average (EMA) crossing above both the 100-day EMA and the 200-day EMA about two weeks ago.
Another factor driving the upward momentum of Ethereum is the meeting between Grayscale Investments and the SEC to explore the transformation of GBTC into a spot Bitcoin ETF.
Technical View:
Coingabbar Technical Analysis, Ethereum is currently within the upper limit of a multi-month wedge pattern.
On the 4-hour chart, the price of Ethereum is positioned above the Bullish Flag Pattern
A lengthy bullish candle emerged yesterday, signaling a potential reversal in the prevailing trend.
A drop below $2,050 has the potential to initiate a sell-off, aiming for levels at $1,920, and identifying local support at $1,800.
Conversely, surpassing the $2,130 mark could pave the way for additional gains, with potential target levels spanning from $2,200 to $2,500.
KEY LEVELS :
RESISTANCE LEVEL : $2,090-$2,140
SUPPORT LEVEL : $2,000-$1,950
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
