#Ethereum is currently encountering resistance in the vicinity of $2,000 when paired with the US Dollar. However, if Ethereum manages to surpass this hurdle, it has the potential to further accelerate its upward momentum.
The Daily Chart:
On the daily chart, the price has been consistently rising after a strong recovery from the 200-day moving average, coupled with a breakout above the 50-day moving average. The 50-day moving average, which is currently positioned around the $1,850 mark, has played a crucial role in supporting the price and propelling it upwards. At present, the $2,000 level appears to be the most probable target within this timeframe. A breakthrough above this level would be pivotal in establishing a long-term bullish trend in the market once again.
The 4- Hour Chart:
Upon examining the 4-hour chart, a captivating sight unfolds. Ethereum's price has successfully shattered the confines of the imposing falling wedge pattern, only to be met with repeated rejection at the formidable $1,920 resistance level. Nevertheless, the cryptocurrency has found solace within the upper limits of the descending wedge, steadfastly embarking on an upward trajectory.
Intriguingly, the $1,920 threshold is currently succumbing to the upward pressure as the market ascends towards the psychologically significant $2,000 mark. Moreover, the RSI indicator, a reliable measure of market momentum, currently exhibits a bullish dominance, albeit inching closer to the overbought territory.
Based on price analysis, the market capitalization of #ETH is approx at $234,918,768,734. The 24-hour trading volume is expected to be $8,951,105,533.
KEY LEVELS :
RESISTANCE LEVEL : $1,980-$2,020
SUPPORT LEVEL : $1,920-$1,880
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.
