Ethereum Price Tests Its Important Level! Is ETH Price On A Path Of Rally?

The crypto space had a positive weekend, with the industry gaining approximately 2% in value. The crypto market has displayed massive price action this month, with major coins recording a new yearly high during this time.

The price of Bitcoin has reclaimed the $37,000 level, and ETH price experienced a jump of over 2.5%, resulting in the price trading just above the important resistance level of $2,000.

The ETH price traded in a closed space between $1,600 and $1,686.77 for a brief period, following which the market gained momentum, and the price quickly surged and broke out of multiple resistance levels.

Ethereum was rejected at the key resistance level of $1,850, after which the ETH price traded sideways for two weeks. After multiple failed attempts, the star altcoin finally regained momentum and broke out of the level, indicating a bullish influence in the space.

The ETH price made a remarkable run and successfully broke out of its important level of $2,000 for the first time since July. It continued to gain value and recorded a new yearly high of $2,137 before being rejected.

Ethereum then lost momentum, and the price started trading negatively. Leader of altcoins recorded a plunge of 12% in value, resulting in the price trading as low as $1,920. Over the weekend, the price regained momentum and is presently hovering close to its important level of $2,000. 

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating increased price action for the Ethereum coin. The averages also show a rising pattern, suggesting the price will continue to gain value in the coming days.

Will Ethereum Price Go Back Up?

If the bulls keep the price above the critical level of $2,000, ETH will regain momentum and prepare to break out of its symmetric triangle soon. If the coin successfully breaks out of the pattern, it will make a run to test its resistance level of $2,069.15 soon.

Maintaining the price at that level will set the stage for Ethereum to attempt to test its upper resistance level of $2,136.99 in the coming days.

Conversely, if the bears overpower the bulls and the price fails to trade above its key resistance, the ETH price will lose momentum and prepare to test its support trendline. If the price breaks down the symmetric triangle pattern, it will continue to fall and test its support level of $1,920 soon.

Moreover, if the bears continue to dominate the market, the price will be influenced by this and prepare to test its lower level of $1,857.24 in the near future.