Analyzing the cryptocurrency market, Ethereum (ETH) is the biggest gainer today, risnig by almost 2%. On the hourly chart, the rate of Ethereum (ETH) has broken the local resistance at $1,915, with increased volume which is an enabling factor for further growth. On the daily time frame, the rate of Ethereum (ETH) is in the middle of the channel, with further growth expected to the end of the week. On its bigger picture, a long-awaited break out of the important zone of $2,000 can be a starting point for further growth to the resistance at $2,130. The current price of Ethereum is trading at $1,938 at press time.

Today’s trade setup is likely trend oriented with longs likely to take profit close to the $2,000 resistance levels. As the buyers failed to break the resistance level of $2,000 earlier this week, further growth is expected in the current market situation. In this regard, an increase in buying pressure and strong volume can be indicative of a successful break out of the $2,000 resistance.

However, certain trends should be taken into account. Firstly, Ethereum needs to maintain stability at the support levels of $1,915, with a candlestick closing above this point supporting a bullish case. Further, the current pattern needs to be carefully monitored, using risk management measures to limit relative exposure to the downside which may be associated with new highs unconfirmed within wider trading range.

With the last working day of the week yet to conclude, the traders should remain cautious yet optimistic in regards to the Ethereum price movement.



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