Ethereum Surpasses the $2,060 Mark, Fueling Optimism for a Potential Rally toward $2,100
Summary
Ethereum (ETH) recently surpassed the $2,060 mark, leading to optimism about a potential rally toward $2,100. However, the cryptocurrency faced obstacles at $2,090 and $2,120, resulting in a consolidation phase. The current market situation raises questions about the regulatory challenges faced by Binance after its plea deal with the U.S. Department of Justice.
Introduction
Ethereum experienced a surge above the key $2,050 level, creating anticipation for a possible rally toward the $2,300 level. Despite a brief retest at $1,930 on November 21, ETH managed to sustain support above $2,000, making it one of the top gainers. However, the bullish momentum temporarily halted at $2,088, leading to a consolidation phase.
Main Points
1. Ethereum breached the $2,000 resistance zone and remained above this level after a minor correction.
2. A short-term contracting triangle is observed on the hourly chart of ETH/USD, with resistance around $2,090.
3. Breaking the resistance at $2,090 is crucial for Ethereum’s potential ascent toward the $2,150 resistance zone.
4. If ETH fails to surpass the $2,080 resistance, it could trigger a fresh decline with initial support at $2,060 and $2,045.
Conclusion
Currently trading at $2,068, Ethereum has shown a 4.6% increase in a week and a 14.42% increase in a month. However, the daily trading volume of ETH has declined by over 36% in the last 24 hours, standing at $7.8 billion. Traders will closely monitor whether Ethereum can break the crucial resistance levels and sustain its upward momentum.