ETH edges closer to $2,000 as crypto market uptrend renews
- Ethereum restores the uptrend toward $2,000 after embracing support at $1,800.
- ETH bulls look forward to price action past $2,000, which may trigger more buy orders.
- A potential double-top pattern could sabotage the upswing, allowing a correction toward $1,550.
Ethereum managed to close the day above $1,800, confirming to investors that market stability was intact. A rebound was staged from this short-term support, with Ether stepping above $1,900. At the time of writing, the pioneer flagship cryptocurrency is doddering at $1,920 amid a bullish building momentum.
The four-hour chart shows that Ether is in the bulls’ hands based on the Moving Average Convergence Divergence (MACD). This vital technical indicator follows the trend of an asset and measures its momentum.
A step into the positive region (above the mean line) is viewed as the asset flipping bullish. The bullish outlook is validated by the MACD line (blue) crossing above the signal line. At the time of writing, the MACD line increases the divergence, further cementing the bull’s presence in the market.
Ethereum bulls must purposely close the day above $1,900 to avert any significant potential correction from the prevailing price levels. Moreover, higher support would allow bulls to focus on cracking the major hurdle at $2,000. Note that trading past this crucial could be yield tremendously for Ethereum due to the massive buy orders that are likely to be triggered.
ETH/USD four-hour chart
Looking at the other side of the picture
The same four-hour chart shows that Ethereum is trading near a double-top pattern. This is a highly bearish pattern. If validated, ETH may breakdown massively, erasing most of the gains made since the beginning of the week. Note that, Ethereum may seek support at $1,800, $1,600 and the primary anchor at $1,550.
Ethereum intraday levels
Spot rate: $1,920
Support: $1,800 and $1,700
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