Today the crypto market dawned green, after Bitcoin gains will boost overall positivism. The price of the Ethereum cryptocurrency is following this tide, thus managing to recover above $2,000, and if you want to find out where it can head next, you should check out this technical analysis.
At the time of this writing ETH is trading at $2,215.25, accumulating a profit of 9.95% in the last 24 hours.
Other TOP 10 cryptocurrencies are also jumping higher in the last 24 hours. BNB for example accumulates 8.80% profit, Cardano 7.69%, while Dogecoin rises 6.91%.
The bottom of the fall seems increasingly evident. Bullish strength is not yet decisive, but the exhaustion of the bears may be opening space for a prompt resumption of the trend.
Crypto analyst Michael van de Poppe is a supporter of this vision. He recently published a chart of the altcoins ‘ market capitalization, indicating that the fund could be reached during the last fall.
Despite this, he also points out that critical resistance, close to $800,000 million, still needs to be overcome. If achieved, you can go get the trillion dollars again.
It is clear that recent gains are a matter of general positivism in the ecosystem, and I think this will remain so in case the bull run is not yet over.
Some cryptocurrencies will jump higher more strongly depending on fundamental news that appears in their favor. But Ethereum, for example, will benefit from the simple fact of owning the place it owns, thanks to a network with a wide user base.
Ethereum price technical analysis
Short-term trend and key levels
The price of ETH still maintains a short-term downtrend, however it has already begun to challenge it with the immediate resistance break around $1.989.
Now Ethereum will face the next and most relevant resistance in the short term, around $2,278. Going through it would mean the beginning of a bullish transition, which could begin to manufacture ever higher lows and highs.
Then earnings could be hampered by the following ceilings, located at $2,634 and $2,884 respectively. The latter is the one that needs to be crossed to think of a resumption of the medium/long-term trend.
The recovery of ETH began on the support adjacent to the $1,733, same where it stopped quickly last May 24, showing a great exhaustion and inability to mark new lows.
Losing that support (unlikely scenario), would open the way to sales up to $1,581. Further down the next level is at $1,419.
Despite the lowest low marked by Ethereum’s price at $2,711, technical analysis of its weekly chart tells us that the medium-term trend has not been breached.
We still maintain a clear higher uptrend that does not allow losses to extend too far.
The new rejection of support at $1,728 seems to be marking a double deck, capable of resuming the trend. Resistance still needs to be traversed at $2,711 to confirm the resumption, but the current behavior is already a good sign.
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