Ethereum Price Analysis: Is ETH Price Heading Towards $2000 With Rounding Bottom Pattern?

Is ETH Heading towards $2000 Again?
  • Ethereum regains its bullish momentum and has formed a rounding bottom pattern while heading towards the supply zone
  • The pair of ETH/BTC is trading at 0.03394 BTC with an intraday loss of -1.48%
Source:tradingview

Ethereum price heading towards its supply zone between $1960-$2040, after forming the rounding bottom pattern. ETH after creating its new all-time high of $2035 then a sharp correction is observed from higher levels, which leads to a low of $1300. The support at a lower level is placed at $1570 and $1250, while the resistance at the higher side is placed at $1940 and $2040. The divergence is also observed as the price showcasing bullish momentum, while on other hand the volume is gradually declining. 

Source:tradingview

Ethereum price over the daily chart is trading on a bullish note, while followed by the rising support line. The rally continues due to positive sentiment in the global crypto markets, however, ETH has successfully started to trade above all the moving averages of 20,50,100 and 200-Day. Ethereum is trading at $1825 with intraday gains of +8.59% with the volume  increment of +6% standing at $26,602,908,739. Likewise, the total market capitalization stands at $26,602,908,739 with an intraday jump of +8.44%. The support on the daily chart is placed at $1690 and $1570 respectively, while resistance on the higher side is situated at $1870 and $1910. 

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Relative Strength Index (Bullish) indicates bullish momentum while trading at 70.52. However, it is corrected from the overbought zone and again heading towards higher levels indicating some correction at higher levels. 

Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the buyer’s line (green) over the seller’s signal line (red). However, both the lines are heading closer to each other, and the crossover can generate short-term bearish momentum for upcoming trading sessions. 

Support levels: $1570 and $1250

Resistance levels: $1940 and $2040

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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