• Ethereum’s price has been recovering from a crucial support zone.
• Currently, the focus is on surpassing the psychological resistance level of $2000, followed by the important technical area around $2300.
• There exists a notable resistance level that must be surpassed in order for the market to potentially transition into a bullish phase in the long term.
Ethereum Price Analysis
Ethereum’s price has been recovering from a crucial support zone. However, there exists a notable resistance level that must be surpassed in order for the market to potentially transition into a bullish phase in the long term.
Daily Chart
The daily chart demonstrates a notable rebound around the $1600 level, where the 200-day moving average provided significant assistance last week. Subsequently, the price has experienced a rally and successfully surpassed both the $1800 resistance level and the 50-day moving average, both of which are expected to function as support going forward. The current focus appears to be on surpassing the psychological resistance level of $2000, followed by the important technical area around $2300.
4-Hour Chart
Examining the 4-hour chart, it is evident that