Ethereum Trading Above $2,000 as Bulls Target Resistance at $2,300
Ethereum (ETH) has surpassed the $2,000 mark after a period of significant selling pressure, recovering from a drop of over 38% since late February. The cryptocurrency briefly fell below $1,800, causing market panic.
Current highlights include:
- ETH reclaimed its realized price at $2,040, indicating that holders are back in profit.
- The $2,000 level is crucial for confirming a potential trend reversal.
- A decisive move above $2,300 could signal a technical breakthrough.
- ETH is trading at $2,070, still 5% below the 4-hour 200 moving average and exponential moving average.
- A failure to maintain support at $2,000 may lead to further declines, with support around $1,800.
Analyst Ali Martinez noted that reclaiming the realized price acts as a pivot point for market sentiment. The ongoing indecisiveness in price action emphasizes the need for bulls to demonstrate strength to sustain an upward momentum.
