ETH Price Analysis: Makes Positive Price Advance Amid Leaked Goldman Sachs Report on Ethereum “Overtaking” Bitcoin

• Ethereum (ETH) recovered from Sunday’s low of $1,728 to highs of $2,475 seen as of press time
• Ethereum was seen trading at $2,432, up 10.90% in the last 24 hours
• The banking giant revealed that Ethereum has a “high chance” of flipping Bitcoin as a “dominant” store of value
  
  The cryptocurrency market presently trades in the green following a massive price drop in the prior week as traders aggressively rushed to buy the dip. Ethereum (ETH) oversees the Altcoin market recovery, itself jumping from Sunday’s low of $1,728 to highs of $2,475. As of press time, Ethereum was seen trading at $2,432, up 10.90% in the last 24 hours. Ranking second largest with a present market capitalization of $265 billion, a leaked report from wall street giant, Goldman Sachs sees ETH overtaking Bitcoin although the latter’s market valuation stands at $691 billion. The banking giant revealed that Ethereum has a “high chance” of flipping Bitcoin as a “dominant” store of value while referring to it as the “Amazon of information.”
  
  Key Levels
  Resistance Levels: $4,000, $3,500, $3,000
  Support Levels: $2,000, $1,500, $1,000
  

  ETH/USD Daily Chart: Ranging

  ETH/USD Daily Chart

  Ethereum (ETH) saw a dramatic collapse after touching an all-time high of $4,384 in mid-May, falling below the MA 50 ($2,794) to find support near the two-month low of $1,728 on May 23 before subsequently rebounding. Short-term oscillators are detecting a pickup in positive momentum, the RSI though below the mid 50 reading is tilting upwards, suggesting a waning downside momentum. Further recovery in ETH price may encounter an immediate barrier near the $2,486 level in which an upside break could open the way for the $2,794 where the daily MA 50 is situated.
  
  Further price advances would turn the picture from neutral to bullish, setting the stage for a retest of the all-time high of $4,384. On the flip side, another wave of losses could stall near the $1,900 support ahead of the $1,728 with a bearish break seeing scope for a test of the MA 200 at $1,592 where the bulls may give the upswing another chance.
  

  ETH/USD 4-Hour Chart: Ranging

  ETHUSD 4-Hour Chart

  ETH crashed below the 4-hour moving averages 50 and 200 in the prior week amid fresh fears in the cryptomarket, stretching the downtrend to lows of $1,728 on May 23 before a rebound. The possibility of sideways trading, cannot be ruled out as the RSI has changed course in the oversold area to neutral. Crawling higher, ETH price may attempt to cross above the immediate barrier at $2,485 ahead of the MA 50 at $2,786.
  
  A further price cap at the MA 200 barrier ($3,085) could block the way towards the $3,600 and ultimately the $4000 level. Yet, it would be more interesting to see whether the bulls can overcome these hurdles, enhancing the case for additional upside moves towards the May 12 all-time highs of $4,384. On the flip side, a sustainable move below the $2,000 psychological level could trigger a new selling wave towards the now important level of $1,728. Overall, caution is needed as the MA 50 and 200 are bearishly aligned.

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