Ethereum Price Flips Massively Bullish On Approaching $2,000

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
Trend: Bullish
Volatility: High
Resistance: $2,100 and R$2,400
Support: $2,000 and $1,800

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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