The digital asset space is currently showing some positive outlooks as crypto prices soar, with new buyers taking the lead. The bull market helped the cryptos grow in value within a short period, aided by the asset’s volatile nature. Around a month ago, Ethereum was around the $1000 mark, as it continues to face corrections due to the selling pressure causing the price fall.
Even as traders sell off their holdings, the buying pressure continues to drive prices up, thereby making the growing industry very attractive to new investors. The digital asset boom was significantly felt in 2020, as institutional trades wanted to record notable gains by investing big money into the digital asset. The large monies helped the section soar in value and are currently worth over a trillion dollars.
ETH to face $1,900 resistance to take $2,000
Ethereum sees a bullish run as prices continue to hit new highs at short intervals. The asset had seen some difficulty breaking the strong $1900 barrier, but now it has surpassed that point. Market bulls are looking to take $2,000, which poses a difficulty due to the resistance in attaining that new point.
The asset’s next resistance holds around $2,300, $2,400 and $2,500. On the other side, the crypto’s strongest support is around $1,600, 1,500, and $1,400. The asset started the day with around $1,800 before moving towards the $1900 level but now trades around $1,935 on prominent exchanges.
Also read:The asset’s growing bullish market helped it attain the gains within a day while it inches on towards the $2,000 level. Ethereum is currently above its 9-day and 21-day MA, which might mean more gains as the day goes.
The analysis shows that the crypto needs to have a healthy support level around the $1,700 point to overcome resistance and take the $2,000 point. The technical indicator shows more actions from the market bulls as it crosses the 70-level while closing in on the overbought position.
Ethereum in a long-term bullish market
As the price grows, it would face some challenges starting from around $2,300, where the resistance can cause a price fall if the support does not hold. The market is currently bull-dominated as the RSI is far above the 70-level while closing in on the overbought area.
Other indications show that the rally would be for the long-term, with it being above MAs. Fortunately, if the asset drops, the closest support to hold it would be around $1,700, and if it fails, the $1,600 point would be the next stop.
The asset would probably keep rising, as Bitcoin initiated the current value gain. Bitcoin is currently recording more significant highs since the Tesla investment attracted more institutional buyers, especially with Musk’s influence in the financial world.
The Ethereum market has a wide gap for more gains as traders see it as a suitable alternative to Bitcoin since it has grown too expensive for some to purchase. Still, institutional buyers dominate the market as the industry records larger buying volumes.
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