Ethereum had a bearish start to the week, with prices falling below the $1800 key support level. A stoop to the swing low of $1718 was also documented. However, ETH is now showing resilience and is recovering its losses. ETH Price is up by 6.6% in the last 24 hours.
ETH broke the crucial resistance at $1800, $1780 levels and settled below the 100 hourly SMA. After dipping to $$1718, it has formed a base at $1720 and started an upward correction.
On the road to recovery, ETH has overnight broken resistances at $1750, $1770, i.e 50% and 61.8% Fib retracement levels. Further confirming the uptrend, it has surged above $1800 breaking $1810 and $1850 resistance levels too.
ETH is now trading at $1862, and bulls are eying on $1900 and $2000 from here. This push appears to be aided by the investors who took advantage of the steal price and increased their holdings.
A rise to $2000 from here looks plausible as the RSI has risen to the midline from places near the oversold level. The bulls’ position in the market will be fully cemented if the price breaks through the overbought level.
On the four-hour chart, the MACD indicator appears to be presenting a bullish signal. The odds of a big upswing are expected to rise once the 12-day EMA passes over the 26-day EMA, bolstering Ether’s rebound.
ETH Price will retrace back to $1600 after hitting $2000
Income Shark, a crypto analyzer Twitter handle suggests that a fall to the $1600 level after hitting $2000 is imminent for ETH.
According to the analyst, ETH has crossed four support levels since then, making support significantly weaker. Although a push towards $2000 is feasible, a correction is almost certain to follow. After $2K, ETH is likely to find immediate support and eventually fall back to $1600 in the coming days.