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(DAILY NOTION): Ethereum Bulls Aims for $2,000, Key Resistance Lies Ahead

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Source: Yahoo Finance

Although ETH/USD spent the first part of the week trading sideways, the bulls have since gained a surge of power to move upwards. At present, ETH/USD is trading well above its 10-day and 50-day Simple Moving Averages (SMA) and stands at $1,924.96. Trading volume spiked mid-yesterday but has since reduced.

The Moving Average Convergence Divergence (MACD) is currently showing a bearish reversal. Meanwhile, the Relative Strength Index (RSI) is at 37, and close to an oversold condition and could be an attractive time for Ethereum buyers.

Analyst Anil Panchal from FX Street believes that a key resistance rests at $1,975. This is a strong resistance line that has been established since early 2021, and the bulls must successfully break past this to conquer the new all-time high of $2,000. Meanwhile, key support levels lie at $1,830, $1,770, and the monthly low of $1,490.

The altcoin is fast gaining popularity, even standing beside Bitcoin, the much spoken about flagship cryptocurrency recently. The below graph from Digital Assets Data shows the year-to-date gains of both Bitcoin and Ethereum, and Ethereum has outperformed Bitcoin.

Bitcoin and Ethereum year-to-date performance. Source: Digital Assets Data

Coin Telegraph reported the views of Anthony Sassano, the head of marketing at Set Protocol and a long-time Ethereum investor, who believes that Ethereum’s performance is reflective of the foundation that has been laid by its developers these past three years.

Ethereum whales continue to be bullish for the future. Lorenzo Stroe from FX Street reported that there is an increase in the number of large holders of Ethereum coins (100,000 to 1 million), which rose from a total of 154 on Feb 12, to 160 at present.

In the meantime, all eyes are on the Ethereum bulls as they pursue the $2,000 territory. Let’s watch this space if victory will be attained soon.

ETH/USD (as of Feb 18, 2021, 9.35 a.m., GMT +8) - $1,924.96


Edited 19 Feb 2021, 10:18

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