• Ethereum has experienced a mid-term uptrend and is currently facing a significant resistance region of $1.7K-$2K.
• If successful, the price may break out from this range and trigger a long-term bullish rally.
• However, there is also a possibility that the price may fall below the 50-week moving average once again.
Ethereum Price Analysis
After experiencing a mid-term uptrend, Ethereum has now reached a critical resistance region of $1.7K-$2K. A successful breakout from this range may trigger a long-term bullish rally; however, there is also a possibility that the price may face rejection and fall below the 50-week moving average once again.
Ethereum was supported by the strong support level of $1K, eventually leading to an uptrend resulting in it breaking out of its symmetrical triangle pattern. After surpassing the $1.6K mark and reclaiming its 50-week moving average (a crucial level for determining its general bias in the long term), ETH faces an important resistance at $2K.
4 Hour Chart
Currently Ethereum is consolidating with no specific direction after finding support at the middle boundary of an ascending channel. It faces two critical levels of support and resistance between which it must break out to determine its future momentum.
If Ethereum successfully breaks past these levels and reaches above $2K, then it could potentially begin a long-term bull rally; however, if it fails to do so then it could be subject to further downside movements.