• Ethereum recently found support at the 100-day moving average of $1791 and experienced a surge in its price.
• It has now encountered a crucial resistance level, and surpassing it would likely trigger another surge.
• Ethereum’s price is currently confined within a narrow range, between approximately $1791 and the static resistance zone of $2K.
Ethereum Price Analysis
Ethereum has recently flashed a bullish signal by finding support at the 100-day moving average of $1791 and experienced a spike in its price. Also, it has now encountered a crucial resistance level, and surpassing it would likely trigger another surge.
Technical Analysis
On the daily chart, Ethereum had a period of steady price action around the 100-day moving average before finding support and proceeding upward. During the recent consolidation correction phase since mid-April, the price formed a descending wedge pattern (marked by yellow). Presently, the price has reached the upper boundary of the wedge at $1.9K due to its recent surge and is on the verge of surpassing this critical level.
Zooming in on the 4-hour chart reveals three key levels: static resistance at $2K, dynamic resistance of ascending channel’s trendline midpoint, and static support at $1710. The current market conditions suggest that Ethereum is more likely to continue its upward trend toward the $2K resistance in an attempt to break out.
$2K Resistance Zone
Ethereum’s price is currently confined within a narrow range between approximately $1791 and the static resistance zone of $2K. A breakout from this wedge will likely result in another rally toward this critical level.
Conclusion
Overall, Ethereum appears to be showing some bullish signals with its recent surge towards its key resistance zone. If it can successfully break out from this wedge formation then we could expect further upward momentum towards its next major milestone – reaching back above $2000.