Ethereum Can the Price Break Through 2000

Byadmin

Jun 29, 2023
Ethereum Can the Price Break Through 2000Ethereum Can the Price Break Through 2000

The current price of Ethereum (ETH) hovers around $1,850, with little change compared to Wednesday’s levels. Despite being rejected near $1,900, testing the support at $1,825, the key question remains: can the price of ETH break through the $2,000 threshold?

Overall market stability in the cryptocurrency market has prevented further declines and pushed it back up to $1,870. However, Ethereum has struggled to maintain an upward trend above $2,000 since early March, let alone retesting the resistance at $2,000. Traders and investors should carefully analyze this situation to avoid losses and maintain profitability, especially with the weekend approaching, marking the beginning of a new month.

From an Ethereum price analysis perspective, it is crucial for a rebound above $1,800 as it eases the pressure on the lower support levels at $1,700 and $1,600. Additionally, ETH has broken through all relevant moving averages, including the 200-day moving average (purple), 100-day moving average (blue), and 50-day moving average (red).

Maintaining above the 50-day moving average at $1,825 indicates bullish sentiment, and narrowing the gap to $1,900 seems reasonable. This achievement may pave the way to reach the crucial $2,000 level. Various indicators, such as the Money Flow Index (MFI), suggest that the path of least resistance favors an upward movement.

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Considerate traders looking to buy ETH should exercise caution and ensure the support of the 50-day moving average remains intact. Failure to do so may lead to a price drop to $1,800 and $1,700.

The Moving Average Convergence Divergence (MACD) indicator generating a buy signal further confirms the bullish outlook. The blue MACD line remains above the red signal line, coupled with the momentum index in the positive zone above the midline, providing additional support for bullish sentiment.
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