- Ethereum is testing the resistance range of $2,000-$2,100.
- An upward journey would be sustained if Ethereum can make the weekly close above $2,100.
- The long-term trendline bears strong support for Ethereum.
At this important juncture, Ethereum’s price is testing a critical support level formed by a long-term upward trendline. The price action suggests that the token is facing resistance in the $2,000 to $2,100 range. A strong weekly close above this level is necessary to avert further downside risks and maintain a full bull momentum. Without a foothold in this zone, there exists a possibility of a more profound correction targeting much lower support levels. All eyes on the market, or rather, the $2000 zone, to prevent further selling pressure to sustain the recent rally in Ethereum’s value.
Source: Anup
$2,000-$2,100 Resistance Range: A Make-or-Break Level
The area of resistance marked between $2,000 and $2,100 has posed a major blockade for Ethereum over the last months. Multiple deviations and price rejections at this level epitomize Ethereum’s inability to sustain price above this range. Each failure in breaking this resistance implies an underlying selling pressure. Thus, traders will be keen to see if Ethereum can close above the level in the coming weeks or otherwise. If Ethereum is able to break this resistance and hold, it will signal an intention to continue up, with price likely being pushed toward other major resistance levels.
Since its drawing from the mid 2020 lows, the long-term trend line has been a consistent support to Ethereum during market pullbacks. The further trend line becomes crucial for price action in Ethereum since multiple times it had shown an upward bounce from this support. Currently, Ethereum sits just above this trendline, shown by the Red circle in the chart above. Any price break below here would aid in many upsides on the selling side, targeting Ethereum downwards toward the $1,600 to $1,700 zone. Meanwhile, the intervention of support at this trend line opens up possibilities for the upside bounce, which remains a sweet buying opportunity for any parties confident in Ethereum’s long-term growth.
Key Price Actions: Deviations and Market Reactions
More than the trend line, it is the deviations acting at the resistance zone of $2,000-$2,100 that are essential in understanding Ethereum’s current sentiment. The number of times Ethereum attempted to scale above this resistance only to retreat represents market wariness on that scale to some extent. These deviations are signals of exhaustion in the market, with bulls fa
