Ethereum has been fluctuating around $2,000 for the past 10 days, crossing that level in one way or another every day. On Thursday, a 5.5 percent increase in the ETH/USD daily chart was followed by a drop on Friday morning. ETH has gained 1.0% in 24 hours but remains near $2,000 without much change since the end of last week. After buying the deep from the recent low at $1,700, a long tug of war at $2,000 is expected to end with a big move in one direction. However, investors continue to weigh declines and gains on ETH/USD as the inability of the market to develop an offensive from the current levels dwindles due to low volumes. Total crypto market capitalization, according to CoinMarketCap, only gained 0.69% overnight to $1.26 trillion. Ethereum’s dominance index remained unchanged at 19.0%. The crypto market is still experiencing the aftershocks of Terra’s crash. Per IntoTheBlock, the value of ETH has dropped to its lowest level in more than a year. Lido’s staked ETH token, $stETH, dropped 0.95 ETH after remaining near parity with ETH throughout 2022.
Key Levels
Resistance Levels: $2,700, $2,500, $2,300
Support Levels: $1,700, $1,500, $1,300
ETH/USD Daily ChartOn the daily chart, the rebound from the recent low of $1,700 might already prepare the way for a return to the crucial $2,200 level. The daily moving average (MA 50) at $2,750, on the other hand, appears to be the next target if $2,200 is breached.
In a larger sense, the rise from $1,700 is the third rebound trend cycle since the low of $2,159 on Jan. 24. A sustained rally to the $2,200 cluster resistance is probable. As long as ETH/USD remains around the level of $2,000, which has now transformed into a confluence zone, remains unchanged, this scenario may be preferred.
ETH/USD 4-Hour ChartFailure to remain above $2,000 in the immediate term could lead to a drop to the recent low level of $1,700. Stronger buying pressure is expected if ETH/USD rises above $2,000. Meanwhile, the intraday bias for the ETH/USD pair remains in consolidation for a retest of the $2,200 horizontal resistance.
A decisive break lower, on the other hand, might restart the broader decline from the $3,000 high below the 4-hour moving average (MA 200). A break of near-term support at the $1,700 level, on the other hand, might reposition the trend downward, continuing the downward trend that began on April 3.
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