Today the crypto market woke up green, after Bitcoin gains will drive general positivism. The price of the cryptocurrency Ethereum is following this tide, thus managing to recover above $ 2,000, and if you want to find out where it can go next, you should check out this technical analysis.
At the time of this writing, ETH is trading at $ 2,215.25, accumulating a gain of 9.95% in the last 24 hours.
Other cryptocurrencies in the TOP 10 are also jumping higher in the last 24 hours. BNB for example accumulates an 8.80% gain, Cardano 7.69%, while Dogecoin rises 6.91%.
The bottom of the fall seems increasingly evident. The bullish force is not yet decisive, but the depletion of the bears may be opening room for an early resumption of the trend.
Crypto analyst Michael van de Poppe is a supporter of this view. He recently published a chart of the market capitalization of altcoins, indicating that the bottom could be reached during the last drop.
Despite this, he also points out that critical resistance, bordering on $ 800 billion, still needs to be overcome. If successful, you can go for the trillion dollars again.
It is clear that the recent gains are a matter of general positivity in the ecosystem, and I think this will continue to do so in the event that the bull run is not over yet.
Some cryptocurrencies will jump higher depending on fundamental news that appears in their favor. But Ethereum, for example, will benefit from the simple fact of owning the place it owns, thanks to a network with a wide user base.
Ethereum price technical analysis
Short-term trend and key levels
The price of ETH still maintains a short-term downtrend, however it has already started to challenge it with the break of the immediate resistance near $ 1,989.
Now Ethereum must face the next resistance and the most relevant in the short term, close to $ 2,278. Going through it would mean the beginning of an upward transition, which could start to make higher and higher lows and highs.
Then earnings could be hampered by the following ceilings, located at $ 2,634 and $ 2,884 respectively. The latter is the one that needs to be traversed to think about a resumption of the trend in the medium / long term.
The recovery of ETH began on the support near $ 1,733, same where it stopped quickly on May 24, showing great exhaustion and impossibility of marking new lows.
Losing that support (unlikely scenario), would open the way to sales to $ 1,581. Further down the next level is at $ 1,419.
Despite the lower minimum marked by the price of Ethereum at $ 2,711, the technical analysis of its weekly chart tells us that the medium-term trend has not been violated.
We still maintain a clear higher bullish bias that does not allow losses to spread too far.
The new rejection of the support at $ 1,728 seems to be marking a double bottom, capable of resuming the trend. The resistance at $ 2,711 still needs to be broken through to confirm the resumption, but the current behavior is already a good sign.
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