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- 1 Ethereum (ETH) price remarked a massive rebound from the lows of $1500.
- 2 Buyers are acquiring momentum and have persisted in accumulation.
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.
Summary
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.
Technical Levels
Support Levels: $1850 and $1700
Resistance Levels: $2000 and $2200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
