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Market News ETH Bulls Eye $2,000 for the First Time Since May on Bullish Chatter

ETH Bulls Eye $2,000 for the First Time Since May on Bullish Chatter

This morning, ETH moved in step with the general market. The bulls would make their first attempt at $2,000 since May 6 with a breakout from $1,950.

TOP1Markets Analyst

2023-07-07

6305

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On Wednesday, Ethereum (ETH) decreased by 1.29%. Tuesday saw ETH lose 1.02% and close the day at $1,911. Even if the day was positive, ETH was unable to reach the $1,950 barrier.

ETH reached a high of $1,943 early in the day thanks to a positive start to the day. Before turning around, ETH maintained its position above the resistance band's upper level of $1,930 to $1,900. ETH fell through the resistance band's top level during the reversal.

However, ETH finished the day at $1,911 after finding support at the lower end of the resistance zone.

Bitcoin Price Movement

ETH went up 0.85% to $1,927 this morning. After a choppy start to the day, ETH rose to a high of $1,930 before falling to an early low of $1,900.

Daily Graph

The $1,930–1,900 resistance band's lower level was breached by ETH/USD on the daily chart, testing support around $1,900 before climbing to a high of $1,930. The initial rise was restrained by resistance at the top of the $1,930–$1,900 resistance range.

However, ETH/USD continued to trade above the 50-day ($1,852) and 200-day ($1,754) EMAs, indicating that the long- and short-term trend is bullish.

Notably, the 50-day EMA exhibited bullish momentum and kept moving away from the 200-day EMA.

A breach from the higher level of the $1,930 - $1,900 resistance band would be supported by the 14-Daily RSI's 57.49 reading, which indicated a bullish view and lined up with the 50-day and 200-day EMAs.