As the ethereum price rise to $2000 continues to be a topic of interest, we delve into the technical analysis of Ethereum’s price action. With Ethereum’s price chart showing a consistent close above the $1815 level, it paved the way for a rise to $1840. A sustained closure above this level could further fortify the $1880 target, underscoring the necessity to overcome this crucial level for long-term growth.
Ethereum’s Mid-term Outlook
Observing Ethereum’s daily technical chart, it’s apparent that the price has managed to hold its ground with daily closures above $1815. This led Ethereum to progress towards the $1840 mark. If Ethereum can maintain daily closures above $1840, the next milestone that comes into focus is $1880. For Ethereum to embark on a robust upward trajectory, it’s imperative that it sustains daily closures above the $1880 mark.
If Ethereum can achieve daily closures above $1880, it’s plausible that it could first elevate its rise to the $1958 level before setting its sights on the $2000 mark. However, if Ethereum records daily closures below $1815, it might continue its descent towards the support range of $1778 – $1749.
Short-term Ethereum Analysis
On inspecting Ethereum’s 4-hour technical chart, it’s clear that the price is maintaining its upward trend, reaching the blue trend resistance as highlighted in our previous analysis. If Ethereum can secure 4-hour closures above the blue line, it could potentially escalate its rise to the $1910 levels. As long as Ethereum’s price remains above the $1828 level, it could uphold its upward trend.
If Ethereum surpasses and secures 4-hour closures above the blue trend line, it could exhibit an upward movement towards the $1880 levels. However, if Ethereum records 4-hour closures below $1828, the likelihood of a decline becomes more prominent, and the price could continue its downward trend towards the support levels of $1791 and $1777.
Monitoring Ethereum’s Price Action
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