Amidst the volatile market, ETH price emerges resilient, clutching firmly to its pivotal $1,500 support zone. Even with sharp market moves, Ethereum’s unwavering posture above this key benchmark is commendable.
Looking back at last week, the ETH price climbed its way back up to $1600. That’s a jump of 6.30% in just a week! But, just like Bitcoin, Ethereum had a slow weekend and saw a small drop of 1.5%. The ETH price is currently trading at $1635 as the market hints at a recovery.
Digging deeper into the technical panorama, the conspicuous ‘death cross’ on the daily graph casts a shadow of bearishness over Ethereum’s trajectory. But, starting the week, Ethereum’s showing some promise with a 0.49% rise.
Plus, with the ETH price not dipping much over the weekend, it looks like Ethereum might be gearing up for a comeback. Moreover, the lower price rejection observed in the recent daily candles implies a potential imminent bullish resurgence.
Technical indicators:
RSI indicator: The daily RSI traces a potent bullish divergence, further fanning the flames of a prospective rally breakout.
MACD indicator: Both the MACD and its counterpart, the signal line, dance deftly, evading a bearish entanglement.
Will Ethereum Prices Float To $2000?
ETH price rally seems set to collide with a potent barrier located at the intersection of the 50-day EMA and the short-term resistance trendline. A triumphant breach past these adversaries could set the stage for Ethereum’s glorious return to $2000. This will realign the 50 and 200-day EMA in a bullish manner.
Conversely, a descent beneath the $1600 mark may threaten to pull Ethereum back into the gravitational grip of the $1500 threshold.
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