Just like Bitcoin, Ethereum, the second largest cryptocurrency, mirrored its footsteps. The final day of the week began with an impressive surge in price for Ethereum (ETH), experiencing a substantial increase of approximately 4.28% following a period of low volatility spanning 20 days.
Recent data from Santient reveals a surge in trader activity over the past few days, with trading volume reaching a significant $6.89 billion, accompanied by an impressive overnight gain of 70%. As of the time of writing, the price of Ethereum stands at $1,902 against the US Dollar, reflecting a notable overnight gain of 2.96%.
The buyers effectively managed to bounce back the Ethereum (ETH) price at the 0.618 Fibonacci retracement level within the range of $1730 on the weekly price chart. The 20-week moving average also provided strong support for the Ethereum (ETH) price during this important period.
This particular support range has proven its validity over the course of the past few weeks. Presently, the price is encountering immediate bullish obstacles in the range of $1900 to $1910.
On the daily price chart, the bulls have effectively propelled the price of Ethereum (ETH) above the resistance trendline of the symmetric triangle pattern. This breakout in a bullish direction holds the potential for upward momentum, possibly driving the price towards the significant psychological level of $2000.
Bullish Signals from Technical Indicators Point to Positive Outlook
The daily moving averages indicate a favorable outlook for ETH, as the price maintains its position above the crucial SMAs (Simple Moving Averages). Notably, the 50-SMA has transformed into immediate support, reinforcing the bullish sentiment for the cryptocurrency.
Currently, the RSI is hovering around the 58 range, marking a high level over the past 20 days. Additionally, the MACD is poised to exit the negative region, reflecting the growing bullish sentiment. If buyers can maintain the Ethereum (ETH) price above the 50-day SMA, there is a strong potential for the cryptocurrency to revisit the $2000 level in the near future.
Also Read: Bitcoin’s Price Rebounds, Bulls Targeting $30,000 Resistance