Ethereum (ETH)News

Ethereum Shows Struggle To Overcome $2,000 Resistance

Many Ethereum holders anticipate the new $2,000 mark as the asset has been hovering around the boundaries for the past days. The digital asset has not taken the $2,000 position because the growing selling pressure made the digital asset’s bullish momentum as traders sell to secure profits earned from the recent surges.

Still, the crypto might hit a new peak as the asset keeps moving towards the $2,000 region, meaning that it plans to overcome the $2,000 resistance if the sell-off subsides and buying pressure increases. The price mark has some vital resistance that the asset has not to bypass to assure higher profits, making traders wonder what Ethereum’s next move would be.

ETH to make an upward price move

The uptrend has been persistent as the asset shows growth signs as the trading valuation has increased against the dollar. The movement has decreased the asset’s volatile nature, meaning the crypto might not decline for the period, but its growth is unlikely too.

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Ethereum has its key resistance around $2,200, $2,400 and $2,600. On the flip side, the closest support starts from $1,600, $1,400, and $1,200 downwards.

The daily charts show that lower and upper movements have formed a candlestick towards the Simple Moving Averages (SMA) path. There are also signals around the asset’s most vital resistance point and the 14-day simple moving average’s trendline above the $1,600 price mark.

Interestingly, the charts show that the 50-day SMA is below the 14-day moving average, showing that the nearest support holds around $1,600.

The Stochastic Oscillators have gone through the overbought area and return to the consolidation phase it was previously on. The charts could be revealing signs of more persistence in the market to drive up the digital asset’s price.

Ethereum has had a good market, with its price reaching significant points within a short time. The asset’s bull run went from a few weeks to months, showing buyers are persistent with their move to take the price up. The market bulls are determined to assure price gains even with various bear activities hoping to drag down the crypto’s value.

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Traders sell-off ETH for profit-taking

The selling pressure persists alongside the buying pressure, meaning that both sellers and buyers are active in the market. Fortunately, the asset has strong support around the $1,800 mark that would prevent significant losses when the asset takes $2,000.

Buyers should understand that there are more challenges ahead as Ethereum would face more resistance even when it takes the $2,000 mark. The asset would see some resistance around the $2,200 mark and upward, which stands against the asset’s significant growth.

Sources claim that the bears would take a dominant hold of the asset as the bull run might end soon. With the price growing at a healthy pace, the sell-offs continue, with short-term investors making profits from their trades and waiting for the crypto to dip. Compared to BTC’s present position, Ethereum fails to meet up with the degree of the king coin’s growth.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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