- Ethereum remains bullish and is heading towards the major resistance of the $1900-$2000 area. Everyone is waiting for a clear direction before jumping on the train.
- ETH price will head towards the $2380 resistance level as soon as it is able to hold above the support of $1800.
Ethereum has gained more than 25% in price in just a period of 30 days after hitting the bottom of the sub-$1500 zone. The recovery started after the June heavy correction, and the market turned bullish after that. Price made a Higher High (HH) and Higher Low (HL) bullish structure, and buyers were able to defend the Higher Low to maintain the uptrend. ETH price broke the $1800 level, and now the next psychological resistance is $2000.
Ethereum Bullish Structure on Charts
Ethereum has maintained a bullish structure on the chart after hitting the bottom. There is a Higher High (HH) and Higher Low (HL) pattern on the daily timeframe, which shows buyers are in control and positive sentiment in market. Price respected the line on every pullback which shows buyers are agressive and want to hold the uptrend.
The Relative Strength Index (RSI) remains above the neutral zone (i.e 35), suggesting upward movement is intact without entering the overbought zone. On the other hand, Cumulative Volume Delta (CVD) remains relatively weak, which indicates aggressive buying is needed to support the price recovery. Strong buying volume will lead to a break above $2000 and bring a good rally in the market.
Price is trading in the $1900 to $2000 zone, which acted as strong support before converting into a resistance area. A daily candle close above this zone will confirm the bullish breakout, and more long positions will be opened after that.
Key Levels on the ETH Chart
Support Zone:
- Immediate Support: $1800 area
- Major Demand Zone: $1500 area
Resistance Zone:
- Major Resistance Area: $!900 to $2000
- Next Resistance Area: $2320 to $2450
ETH is gradually approaching the $2000 resistance level. Let’s see how the market reacts to this resistance area. A candle close above $2000 would be bullish and could push the price towards the $2500 level.
Source: https://bitcoinik.com/ethereum-eth-reached-major-resistance-of-2000-bulls/
