Ethereum’s flash drop under $2,000 called more investors into the market.
Short-term technical levels turn bullish as Ether settles above $2,000.
Ethereum lost significant ground following last week’s rejection at $2,650. The downtrend worsened upon breaking former support at $2,400. Finally, the pioneer smart contract token extended the bearish leg under $2,000 until support at $1,800 came to the bulls’ ratio.
At the time of writing, Ether trades at $2,015 amid the initial recovery phase from levels beneath $2,000. Securing support at this level is the bulls’ priority and will allow buyers to focus on lifting Ether toward $3,000.
Ethereum gains traction after a huge dip
The Moving Average Convergence Divergence (MACD) affirms the bullish outlook based on the four-hour chart. After revisiting the negative region, the MACD shows signs of an upturn. If the MACD line (blue) moves above the signal line, we expect the call to be confirmed. Similarly, Ethereum’s uptrend will carry on as bulls aim for $3,000.
ETH/USD four-hour chart
ETH/USD price chart by Tradingview
The Relative Strength Index’s (RSI) recovery from the oversold toward the midline emphasizes the bulls’ growing aggressiveness. Settling above the average level will cement their influence in the market while closing in on the overbought could bolster ETH significantly upward.
It is worth mentioning that support at $2,000 must hold to avoid a reversal to $1,800. Besides, various resistance levels must come down to make the bulls’ mission to $3,000 achievable in the near term, including $2,100, $2,400, and the 200 Simple Moving Average (SMA) on the four-hour chart.
Ethereum price intraday levels
Spot rate: $2,015
Resistance: $2,100 and R$2,400
Support: $2,000 and $1,800
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