Ethereum has witnessed a remarkable surge of 5.30%, fueling speculation that a new bull market is on the horizon. The daily candlestick chart from yesterday unveiled a significant breakout from a resistance level that had been persistent for several months, with the price soaring past $1,800.
On March 15th, avid supporters of ETH took advantage of the market dip and purchased the coin at a price near $1,600. Just two days later, on March 17th, they successfully broke through the formidable resistance level of $1,800. This remarkable achievement signifies the completion of a Megaphone pattern.
After a brief period of consolidation and pullback over the past two days, Ethereum (ETH) has regained its momentum and surged by an impressive 5.30% today. This surge has propelled the coin beyond the $1,800 mark, marking a significant milestone for investors and traders alike.
The value of ETH is currently surging, surpassing the resistance level of $1,720. This is a significant development as it has also surpassed the resistance levels of $1,750 and $1,780, indicating a strong bullish sentiment. The rally of ETH has continued its upward movement and has broken through the $1,800 major resistance zone, forming a high near $1,831. Currently, the price is consolidating gains.
ETH is currently facing a significant resistance level at $1,830. The next obstacle lies at the $1,850 threshold, which could potentially trigger a substantial surge if surpassed. In such a scenario, the price may ascend towards the $1,900 resistance level, and if the current trend persists, it could even reach $2,000.
Ethereum is currently at a critical juncture, as it faces a significant challenge in surpassing the $1,830 resistance level to maintain its upward trend. However, if it fails to do so, a correction in gains may be inevitable. In the event of a correction, the initial support level is expected to be around $1,780, with the next major support level anticipated to be around $1,740. If the price continues to drop, it may reach the $1,700 level, and further losses could result in a test of the $1,650 level.
According to price analysis, the market capitalization of ETH is projected to reach a staggering $222,470,287,205. The 24-hour trading volume is estimated to be a substantial $12,546,067,118.
KEY LEVELS :
RESISTANCE LEVEL : $1,850-$1,900
SUPPORT LEVEL : $1,780-$1,740
"Ethereum has broken through its resistance level! The question on everyone's mind is whether ETH will reach the coveted 2K mark. We invite you to share your thoughts and opinions in the comment section below.
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.