Ethereum goes to $ 2,000 in the middle of the rise, this level is the next

After reaching more than 10% on Wednesday, Ethereum (ETH) spent beyond the $ 2,000 mark for the first time since March, which led some analysts to suggest that the second largest crypto could recover its macro range in the coming days.

Related reading

Ethereum reaches a seven week old

For the first time in more than a month, Ethereum retests the resistance of $ 2,000, reaching a maximum of seven weeks of $ 2,075. The King of Altcoin lost this level at the end of March, deposited his two -year hollow of $ 1,385 in the following weeks.

In the middle of the return to the end of April market, ETH exceeded the crucial levels, recovering the area from $ 1,600 to $ 1,750 in the last 14 days. Earlier this week, the cryptocurrency finally recovered the resistance from $ 1,800, but some investors were concerned about its side price action and a potential decline to reduce support levels.

However, Ethereum climbed 8.3% to $ 1,950 level after US President Donald Trump revealed yesterday that a “major and highly respected country” would be announced on May 8.

Thursday, the $ 6 billion agreement from Trump with the United Kingdom brought the ETH over the $ 2,000 and near $ 2,000 mark. Analyst Rekt Capital has highlighted the “strong escape so far”, noting that the cryptocurrency maintained the bottom of its historic demand zone and bounced around 14% at the top of the beach.

After the price leap, the analyst explained that the ETH must transform the level of $ 1,930 into a support to avoid an increase and an upward rejection, and confirm an escape to the $ 2,200 area.

“Ethereum will simply have to stay above $ 1930 to continue to be positioned for a revisited of $ 2,200 (black). The objective of the ETH is to use this light blue historic request zone to resynchronize with its macro range from $ 2,200 to $ 3,900,” he said.

Eth eshs New Rally Bull

Rekt Capital also stressed that ETH’s domination was “the increase after having made new hollows of all time”, which looked like its 2020 performance. At the time, the domination of the cryptocurrency rebounded after having made a new weak, upwards to higher levels in the following months.

Meanwhile, Daan Crypto Trades noted that Ethereum is testing its range from top to bottom compared to its BTC commercial pair. According to the post, “this decision is tiny compared to what it has to compensate to see a little relief. You can however already see the widely wide impact on the market by simply moving at 7% against BTC.”

Despite a “decent” appearance after the price leap, the merchant advised investors not to be overexcited until ETH / BTC broke out and fits above the 0.0202 range.

“If that does this, we can get a configuration for a more important potential reversal in ALT / BTC pairs and for BTC.D to be decreasing. For the moment, still designed,” said Daan.

Related reading

He also suggested that investors should be prepared for a big price movement, because this performance “generally ends violently with a large wick towards the rise before refreshing”.

Ali Martinez underlined that the key supply barrier for cryptocurrency is around $ 2,380, where 12.72 million addresses bought 69.6 million ETH. According to the analyst, “the erasure of this level could ignite a new bull rally”.

To date, Ethereum is negotiated at $ 2,050, an increase of 13.5% of the daily period.

Star image of Unsplash.com, tradingView.com graphic