Ethereum price continues to follow closely in Bitcoin’s footsteps in the third week of a bullish turnaround across the cryptocurrency market. BTC price has increased by 23% in seven days to trade at $21,159, while ETH price is up 18.4% in the same period to trade at $1,564.
As expected, Bitcoin price affirmed its uptrend with a break above $21,000 and is collecting more liquidity before making another attempt to $24,000 and $30,000. On the other hand, Ethereum price’s position above $1,500 seems solid enough to pave the way for gains above $2,000 in the coming days or a few weeks.
(1) Santiment on Twitter: “💸 Are #crypto markets seeing a top? Traders are behaving like they believe so, taking this opportunity to profit take while given the chance. #Bitcoin is seeing its highest profit tx ratio since Feb, 2021. For #Ethereum, it’s the highest since Oct, 2021. https://t.co/GFrtZtFIYP https://t.co/yqDc2uDPuR” / Twitter
Analysts seem to agree that Bitcoin price may have bottomed, and the relief rally in January could market the beginning of a bull run. Rekt Capital, a pseudonymous analyst, and trader, recently told his 333k followers on Twitter that “Ethereum is pressing beyond the multi-month resistance right now,” although it needs to “turn the black diagonal resistance into support.”
(1) Rekt Capital on Twitter: “$ETH is pressing beyond the multi-month resistance right now But if it wants to confirm a breakout, it needs to turn the black diagonal resistance into support Otherwise, #ETH could end up as an upside wick like in the many months before (yellow circle) #Crypto #Ethereum https://t.co/PVloR47u73” / Twitter
FXCM, a broker and analyst on Tradingview, had an overall bullish bias for Ethereum price, citing the position of ETH above the Ichimoku cloud. The analyst foresees a move toward $2,000 with the first take profit at $1,677. Traders can be ready to ride the northbound trend, with Ethereum confirming the next leg above $1,700.
GroundNinja, a pro account holder on Tradingview reckons that “Ethereum Fibonacci levels on daily suggest upside continuation to previous areas of the structure seen in September 2022 and May 2022.”
He suggests traders pay attention to the 78.6% Fibonacci value, which if broken could validate another significant move north. Despite the optimistic outlook for Ethereum, GroundNinja cautions that if Ethereum price slides below the 61.8% Fibonacci value, we could see the return of a leg down to areas around $1,280, where the 50% Fib level sits.
“ETH Fibonacci levels on daily suggest upside continuation to previous areas of structure seen in September 2022 & May 2022. Key levels to watch are 0.786 fib value, validating a 3Bar Play to the upside. Downside scenarios are rejections at/or above the current price and breach of 0.618 fib level back to lower levels of auctions at 0.500 zone of 1280.33// Key Levels: 1459.34, 1516.67, 1678.36, 1714.20 // Price at time of publish 1596.20,” NinjaGround analyzed on Tradingview.
Ethereum Price Breakout To $2,000 Is A Matter of Time
Ethereum price sits on top of robust support provided by the 200-day Exponential Moving Average (EMA) (in purple) at $1,505. The tussle between bulls and bears may push ETH price to lower levels; however, a rebound from this support could propel Ethereum to $2,000.
The largest smart contracts token also sits above key levels, including the 50-day EMA (in red) at $1,317 and the 100-day EMA (in blue) at $1,336. A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the possibility of a bullish outcome to $2,000.
Notice the MACD (line in blue) holding above the signal line (in red). Moreover, the momentum indicator sustains an uptrend in the positive region in addition to green histograms that may keep pointing Ethereum price to the upside.
The breakout bulls anticipated from Ethereum price may come sooner if buyers heed the call to buy ETH from the SuperTrend indicator. This buy signal manifested with the indicator flipping below ETH price and changing from red to green.
The previous call was a sell signal in early November, which saw Ethereum price drop 31% to $1,075. In this case, investors can confidently ride the uptrend until the signal changes to a sell.
Key Fundamentals Back Ethereum Price Rally
Bulls have been holding the reins in the Ethereum market since the beginning of the year. According to the IOMAP model by IntoTheBlock, this situation is unlikely to change in the short term, with support areas becoming stronger and pushing against weakening resistance zones, as observed from the chart.
From the same chart, we can deduce there are more Ethereum addresses realizing profits as opposed to those in the red. In other words, investors would be inclined to buy ETH in the coming days, thus overwhelming the decreasing overhead pressure for a bullish outcome.
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