At the moment, it appears that the crypto market has gained little momentum. Cryptos such as Ethereum has broken away from its consolidation. It aims for the $2000 price mark and might get there if the bulls can hold the market.
Over the past 24 hours, the crypto has risen by 4% into the $1900 support level. Meanwhile, interest in the market for Ethereum has increased after the coin surpassed the $1700 mark.
Ethereum Surpasses $1700
Demand for Ethereum returned to the market after it climbed above the $1700 mark. Continuous buying power is needed to surpass the $2000 trading price. For the hope of market recovery to remain, the bulls have to push the price above $2000.
At the moment, ETH has dropped by about 60% from an ATH of $4800. The coin attained this price in November 2021. Since then, it has struggled to enter the $4000 region.
If the buyers fail to maintain the current momentum, Ethereum could fall towards the consolidation area.
As of writing time, Ethereum was trading at $1949. The closest support line for the coin was $1900. However, if it falls below the support line, the next support is $1700.
When the coin left the consolidation, it rose by over 4% in the past 24 hours. Meanwhile, if Ethereum must beat the consolidation area, it must trade near $2100 and $2400.
Bulls Must Hold Market Price To Prevent Falling To Consolidation Zone
If the bulls can no longer hold the market, Ethereum will fall between $1700 to $1900. Moreover, buyers entered the market when demand increased. The Relative Strength Index (RSI) increased as buyers gained more confidence.
Although there was an increase in buy strength, RSI showed a little downtick. Hence, there might be some amount of selling pressure in the market.
The price of the coin was above the 20-SMA mark. This is a bullish sign, and the increase in buyers made the price increase. This shows that buyers were responsible for the price change.
As the number of buyers increased, Ethereum showed buy signals. Also, the Awesome Oscillator (AO) tells more about the price movement. Green histograms seen on the AO are buy signals. In addition, Bollinger Bands shows the volatility of price over 24 hours.
The indicator revealed tightening of bands. This can either mean an incoming fluctuation of price or a change in volatility in the market.
Although the price of ETH has increased, the indicators show a mixed signal. As a result, the price may either increase or drop. Therefore, if ETH must maintain its bullish move, the buying strength has to increase.
