Ethereum analysis – When will the $2,000 mark be broken?
4 min readEthereum followed the key cryptocurrency Bitcoin. The correction on the crypto market was currently followed by a massive, bullish countermovement. Starting from the retrace into the golden pocket between 1,397 US dollars and 1,350 US dollars, the Ethereum price was able to stabilize and in the last few hours of trading rose to a new high for the year at 1,780 US dollars. In the last three trading days, the BTC price has risen more than it has since October 27, 2019. Following the closure of several US banks and statements by the US Federal Reserve Bank (Fed), investors increasingly seem to be losing confidence in fiat money and the safety of their deposits in a bank account and would rather switch to decentralized cryptocurrencies. The price forecast for the current year as a whole remains intact. Now it is up to the buy side to pulverize the strong resistance at $1,776 and target the $2,000 area.
Ethereum: Bullish ETH price targets for the coming weeks
Bullish price targets: $1,723, 1,776 $1,834, $1,913, 1,958/2,013 USD, 2,089 USD, 2.162 $2,305/$2,465, $2,731/$2,815
The ether price initially slipped into the strong support area in the zone around the golden pocket of the last price movement. As mentioned in the previous course analysis from March 9th, the first brave buyers came back into the market, stabilized the Ether course and prevented Ethereum from crashing. Starting from the previous week’s low of 1,370 US dollars, Ethereum has risen 30 percent north in the last few trading days. The recapture of the green resistance zone including EMA200 (blue) and EMA50 (orange) indicates a clear course strength.
In order to confirm the liberation, Ethereum should no longer fall back below the price mark of 1,723 US dollars. From a bullish point of view, a short dip to the zone between US$ 1,654 and US$ 1,679 would still be acceptable to get some air for the next rise. The $1,723 to $1,776 area should be considered a make-or-break area.
The current weakness in the US dollar index (DXY) is supporting the bulls. If Ethereum manages to break out of the resistance level at USD 1,776 at the end of the day, the focus will shift to the intermediate target of USD 1,834. This price level is derived from the parent 23 Fibonacci retracement. Given the high trading volume, which has been 5 times higher than the yearly average so far, this mark should only temporarily stop the ETH price. Rather, the buy side is likely to target resistance at $1,913. If this resist is pulverized, the medium-term blue target zone would be activated as a course target area. This would finally overcome the EMA50 in the weekly chart – another buy signal.
This is where the high from August 2022 runs. The price mark of 2,013 US dollars then acts as an interesting target. If the bulls also sustainably overcome this area, the chart image will continue to brighten. Then the zone between US$ 2,089 and US$ 2,162 would come into the focus of investors. These price levels are derived from the significant low from January 2022. In addition, the 161 Fibonacci Extension runs here.
The maximum upside area for the coming weeks remains unchanged between $2,305 and $2,465. Here is the trailing edge from May 2022.
Bearish price targets for the coming trading weeks
Bearish price targets: 1,679/1,654 $1,588/$1,549 USD, 1,503 USD, 1,476 USD, 1,416/1,352 USD, USD 1,297 / USD 1,274, USD 1,232, 1,190/1,150 USD
The bears have fallen behind in the short term as they break out to a new yearly high. Only a drop below 1,654 US dollars would increase the chance of another price correction again. Then, the green area between $1,588 and $1,549 would come into focus again.
Only if Ethereum were to fall below $1,528 again would a fall back to the turquoise zone at $1,476 be planned. Here, however, the buyer side should already be back on the spot and move the ether course back north. Not far below is the super trend as support in the daily chart.
In order to initiate a sustainable trend-following movement to the south, a break of 1,416 US dollars would be elementary for the seller side. The correction should then extend immediately to the previous week’s low of 1,371 US dollars. However, a direct slide in the direction of the breakout level of January 9, 2023 between 1,297 US dollars and 1,274 US dollars would be more likely, which is still to be seen as the maximum price target on the bottom.
Ethereum: A look at the indicators
The RSI as well as the MACD indicator turned north in the last few days and formed new buy signals. Both indicators still have room for further gains in the coming days.
In the weekly chart, the MACD still has an active buy-signal. The RSI indicator has now broken through the upper edge of the neutral zone at 55 and formed a fresh long signal.
