Ethereum has been trading in a range between support around $1,500 and resistance around $2,000, according to cryptocurrency analyst Rekt Capital. In a recent tweet, Rekt Capital pointed out that Ethereum is forming a trading range defined by orange support and green resistance lines on his chart.
Now that Bitcoin has broken out from its own re-accumulation range, Rekt Capital suggests Ethereum may be next to make a move. At the time of writing, Ethereum is trading below $1,800 after a 10% gain over the last 7 days.
When we look at technical indicators, momentum is currently bullish for Ethereum. The MACD line is above the MACD signal line, indicating bullish momentum. Additionally, the RSI is above 55, reflecting strength.
If Ethereum can break through the green resistance zone around $2,000, it could signal the start of a new uptrend. The key support level to watch is the orange support zone around $1,500. As long as Ethereum holds above support, bulls remain in control. But a drop below $1,500 could negate the bullish outlook.
Traders will be watching to see if Ethereum can gain enough upside momentum to push through resistance. The recent range trading has allowed the cryptocurrency to establish support and build momentum for a potential breakout. Now Ethereum needs upside follow through to confirm the next leg up.
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