Ethereum is currently encountering resistance in the vicinity of $2,000 when paired with the US Dollar. However, if Ethereum manages to surpass this hurdle, it has the potential to further accelerate its upward momentum.
On the daily chart, the price has been consistently rising after a strong recovery from the 200-day moving average, coupled with a breakout above the 50-day moving average. The 50-day moving average, which is currently positioned around the $1,850 mark, has played a crucial role in supporting the price and propelling it upwards. At present, the $2,000 level appears to be the most probable target within this timeframe. A breakthrough above this level would be pivotal in establishing a long-term bullish trend in the market once again.
Upon examining the 4-hour chart, a captivating sight unfolds. Ethereum's price has successfully shattered the confines of the imposing falling wedge pattern, only to be met with repeated rejection at the formidable $1,920 resistance level. Nevertheless, the cryptocurrency has found solace within the upper limits of the descending wedge, steadfastly embarking on an upward trajectory.
Intriguingly, the $1,920 threshold is currently succumbing to the upward pressure as the market ascends towards the psychologically significant $2,000 mark. Moreover, the RSI indicator, a reliable measure of market momentum, currently exhibits a bullish dominance, albeit inching closer to the overbought territory.
Based on price analysis, the market capitalization of ETH is approx at $234,918,768,734. The 24-hour trading volume is expected to be $8,951,105,533.
KEY LEVELS :
RESISTANCE LEVEL : $1,980-$2,020
SUPPORT LEVEL : $1,920-$1,880
ETH experiences a second surge, reaching $2000: Could this be the breakthrough it needs? Is July expected to be a bullish month, potentially leading to a $2000 breakout in conjunction with a Supermoon? Share your thoughts and opinions 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.
