The current price of Ethereum (ETH) is hovering around $1,850, with little change compared to Wednesday’s levels. Despite being rejected near $1,900 and testing the support at $1,825, the key question remains: can the price of ETH break through the $2,000 threshold?
Overall stability in the cryptocurrency market has prevented further declines and pushed it back up to $1,870. However, Ethereum has struggled to maintain an upward trend above $2,000 since the beginning of the month, let alone retesting the resistance at $2,000. Traders and investors should carefully analyze this situation to avoid losses and maintain profitability, especially as the weekend approaches, marking the beginning of a new month.
From the Ethereum price analysis, it is clear that a rebound above $1,800 is crucial as it eases the pressure on the lower support levels at $1,700 and $1,600. Additionally, ETH has broken above all relevant moving averages, including the 200-day moving average (purple), 100-day moving average (blue), and 50-day moving average (red).
If it can stay above the 50-day moving average of $1,825, bullish sentiment is evident, and narrowing the gap towards $1,900 seems reasonable. This achievement may pave the way to reaching the important $2,000 level. Various indicators such as the Money Flow Index (MFI) suggest that the path of least resistance currently favors an upward movement.
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Traders considering buying ETH should exercise caution and ensure that the 50-day moving average support remains intact. Failure to do so could lead to prices falling to $1,800 and $1,700.
The buy signal generated by the Moving Average Convergence Divergence (MACD) indicator further confirms the bullish prospects. The blue MACD line remains above the red signal line, and the momentum indicator is in the positive zone above the midline, providing further support for bullish sentiment.
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