The past days for the cryptocurrency space have been very mind-blowing, with Ethereum’s continuous rise and Tesla’s investment, which surged Bitcoin while recording notable gains. Some weeks ago, the digital asset industry saw continuous corrections, but now, there are some signs that a bull run is inevitable with the current market structure.
Despite Ethereum’s bearish charts, the asset overcame some notable resistance levels, which guaranteed it some gains. The asset recently hit the $1,800 price mark as it reaches another ATH, alongside Bitcoin, which hit $48,000 hours after Tesla announced its massive purchase. Now, there is a likelihood that Ethereum would continue on an uptrend if it bypasses some resistance points.
Ethereum trades above moving averages
The asset is currently above its moving averages, which signals the bull market’s entry. Although market bulls are likely eyeing the $2,000 mark, the charts show that the asset has some notable resistance around the $2,000, $2,100, and $2,200 marks. In comparison, the other side is the support level with $1,400, $1,300, and $1,200.
The asset’s charts show it’s far above its 9-day and 21-day MA in the ascending channel. The digital asset also saw some gains alongside Bitcoin, slightly above the $1,800 range, but currently trades within the $1,700 mark. Interestingly, this asset’s push past the $1,800 resistance would afford the market bulls the ability to take the price to an even higher high.
The asset would see some resistance in breaking above $1,900 and would need to break some boundaries to achieve that feat on its mission to take the $2,000 point. It’s safe to note that if the buying pressure intensifies, the asset’s resistance might move towards the $1,800 mark and beyond. Buyers should keep in mind that the $2,000 and above holds stronger resistance than its closer values. If the asset goes beneath its moving averages, it will fall around its closest support, which would be $1,400.
Market bulls pushing for another rally
The RSI (14) still stays beneath the 70-level, which could mean that the market bulls want to drive the asset into another rally to make it record some expected gains. The digital asset space is full of surprises, and the asset’s volatility could make it take an unexpected turn if spelling pressure intensifies. If it does, the sell-offs could lead to the asset’s price correction, which would make it hard to move towards the upside due to the bears’ activities.
Compared to Bitcoin, ETH shows some potential, especially since it gained immensely even when other coins failed to move upwards. The crypto would likely move towards the $2,000 point when the bulls are determined to drive the digital asset’s price with Bitcoin’s current levels.
The Tesla investment stirred up numerous exchanges, with the trading volumes indicating higher buys. Elon Musk’s confirmation of the investment helped the asset appreciate rapidly, with it gaining over $5,000 within some hours. Although the asset is cooling off, more institutional investments could take the price towards the $50,000 mark.
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