The industry is currently in the bull season, and many holders understand that this is when they make significant profits. While ETH has been down at different intervals this week, its sudden rise past its resistance point shows that it’s ready for a bull run as charts expect an uptrend towards the $2,000 mark.
But Ethereum is not the only one performing during this time. Even Bitcoin has made significant gains with indicators revealing that the benchmark coin might have initiated the bull run as it recently crossed over to the $60,000 mark. Ethereum was down yesterday, but it seems that the bulls were ready for a rally; hence, the pullback to the $1,700 mark.
Ethereum bypass the $1,800 resistance
Yesterday, when the asset lost the $1,800 support, many believed that the crypto would see a drastic pullback as bears saw it as an opportunity to initiate more declines. The bulls were committed to assuring more highs as the slight pullback was necessary for the crypto to gather enough stress to bypass the $1,800 mark.
Still, the crypto has some significant resistance points, which would help its breakout to greater highs. The marks range within $2,100, $2,000 and $2,300. On the other hand, the support level also holds around the $1,500, $1,400, and $1,300 points. The support level is essential for its uptrend to higher highs.
The crypto started the day with the $1,800 mark as it’s finally gaining after it dropped to the $1,700 mark yesterday. The asset’s breakout to above the $1,800 point was not expected, but analysis shows that the crypto’s uptrend is not over as market bulls prepare for more gains.
The asset currently moves towards the 9-day and 21-day MA, which could mean that the holders would see more prominent wins. The asset has to remain focus because if it drops below the first moving average, it could find itself around the $1,500 support, which could cause more losses for investors.
Charts show a possibility for higher uptrends
Indicators show that if that downward move commences, it could continue to go down the charts while touching key support around the $1,400 and $1,300 levels. The RSI (14) shows that it is around the 55-level, which could mean that the market is not yet decisive of the position it would take. At this point, the asset’s movement might be unpredictable as analysis shows that it could go down or up.
It’s safe to note that two things are possible, it’s either for Ethereum to move beyond the $1,800 level and towards the $2,000 mark or decline to the $1,600 range. The asset has overtaken one of its major resistance points, which is $1,800. The next move for it would be to bypass $2,100 for it to have an edge.
If the asset fails to bypass the resistance points, then there is a huge risk of a pullback accompanying the fall, which would likely result in more falls before the crypto finds support within the $1,300 mark, and this point could lead to the crypto’s upward price movement.
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