Ethereum broke the $2,000 barrier last week, reaching $2,136 – a level not seen since April.
This surge was fueled by increased optimism sparked by BlackRock's filing of the inaugural Ether spot exchange-traded fund.
Buyers have steered Ethereum into a strong upward trajectory, successfully breaching the critical $2,000 resistance level.
Despite this positive momentum, Ethereum is encountering a significant hurdle at this pivotal point, potentially leading to a temporary consolidation correction in the coming days.
Coingabbar Technical Analysis highlights a robust support level at $1,500 on the daily chart, coupled with the lower boundary of a wedge pattern, fueling a notable upward movement towards the critical $2,000 resistance.
Despite considerable buying momentum, the psychological hurdle of $2,000 presents challenges that demand caution.
Bearish signals, including a divergence and the potential formation of a double-top pattern around $2,130, suggest the emergence of selling pressure.
A breach below $2,000 could trigger a sell-off, targeting levels at $1,900 and finding local support at $1,800.
Conversely, a breakthrough at $2,130 may open the door to further gains, with potential target levels ranging between $2,200 and $2,500.
KEY LEVELS :
RESISTANCE LEVEL : $2,100-$2,140
SUPPORT LEVEL : $2,040-$2,000
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.