Ethereum's price is struggling to overcome the significant $2,000 resistance level which could lead to a major rally if conquered. Recently, the cryptocurrency experienced a surge when it found support at the 200-day moving average of $1,400. However, as the price approached the crucial resistance level of $2,000, the bullish momentum appears to be slowing. To confirm the bearish scenario, a double top price action pattern has also formed at the $2,000 resistance zone.
Currently, the Taker Buy Sell ratio for ETH shows that investors are executing bearish orders more aggressively, which could be pointing to a potential market pullback or even reversal in the following weeks. Furthermore, the RSI indicator is nearing the overbought zone, potentially increasing the chances of a correction.
Thus, traders should watch the $2,000 resistance level and the mid-boundary of the ascending channel for significant price movements. If the price breaks through the upper threshold of the channel, it could spark a bull rally towards the next resistance level. On the flip side, a drop to the lower boundary would lead to a consolidation correction. Lastly, the $1,700 mark is another essential support level which should be noted.
Natalie Harris
- 2023-04-12
Ethereum Price Struggles To Conquer $2,000
Ethereum is struggling to break through the $2,000 resistance level as a double top forms. Currently, investors are executing bearish orders more aggressively, potentially increasing the chances of a correction. Traders should watch the $2,000 resistance level and the lower boundary of the ascending channel for important price movements.
