During this period, Ethereum's has consistently maintained support above $1,600, establishing a strong foundation for growth. As a result, it has recently begun a new upward movement by breaking through the $1,680 resistance level, following a pattern similar to that of Bitcoin.
The bulls have achieved a significant milestone as they successfully pushed Ethereum's above the critical resistance level of $1,680. Moreover, there was a notable spike above $1,720, indicating a strong bullish sentiment. Following the breach of the $1,720 resistance, the bulls continued their upward momentum and surpassed the $1,750 resistance level.
However, the bears are persistently applying pressure around the challenging $1,780 resistance. The price peaked around $1,770 and is currently consolidating its gains. Ethereum is currently positioned above $1,700 and comfortably above the 100-hourly Simple Moving Average.
At present, ETH encounters immediate resistance in the vicinity of the $1,780 level, closely followed by $1,800. A significant breakthrough beyond these resistance levels could pave the way for a sustained recovery. The subsequent notable resistance is situated around $1,860, and a successful breach of this level could propel Ethereum further towards the $1,920 mark. In the event that bullish momentum persists, the price may set its sights on the $2,020 resistance.
If ETH encounters challenges in surpassing the resistance at $1,780, it might signal a potential decline in its price. Initial support is anticipated around the $1,720 level, which is followed by a more substantial support level at approximately $1,680. Should the price decisively break and close below the $1,680 support level, it could trigger further downward movement, potentially driving the price towards the support level at $1,630. If selling pressure persists, there is a possibility for Ethereum to descend towards the zone around $1,550.
Based on price analysis, the market capitalization of ETH is approx at $211,241,719,729. The 24-hour trading volume is expected to be $7,955,582,210.
KEY LEVELS :
RESISTANCE LEVEL : $1,780-$1,820
SUPPORT LEVEL : $1,720-$1,680
The question at hand is whether buyers can spark a new recovery rally from the current position. Will the Bulls be able to maintain the $1,600 level? Is there a possibility of the $ETH price revisiting the $2,000 mark? Please provide your thoughts and opinions in the space provided.
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.
