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Major levels Ethereum should beat to surpass the $2,000 level

finbold.com 19 July 2021 16:45, UTC
Reading time: ~2 m

Ethereum has experienced a mixed start to the week, recording an intraweek high of $2,169 before recording a price correction. By press time, the cryptocurrency was trading at $1,815.

The plunge followed Ethereum’s drop of its first key resistance level at $2,351. Notably, the plunge is not new to Ethereum as the price slid to an intraweek low of $1,850.00 on Saturday.

The crypto has also shown signs of a new price breakout after shortly revisiting the $1,990 levels before sliding. In general, the crypto has been trading in the red zone for 5-days. Notable plunges include a 4.43% fall on Tuesday and a 3.81% loss on Thursday.

Can Ethereum surpass the $2,000 level?

Moving forward, the second-ranked cryptocurrency requires the support of the entire market to have a glimpse of the $2,000 price level.

However, before surpassing the level, Ethereum needs to break the $1,970 resistance level. On the downside, if the crypto plunges below the support level, it will require a support level of $1,771. Furthermore, if the entire cryptocurrency market embarks on a rally, Ethereum might record a new resistance level at $2,100 on the upside.

Ethereum/USD chart. TradingView chart published by Dukascopy.

At the same time, if the crypto rally is extended, the next Ethereum’s next resistance level might stand at $2,289. Consequently, to break this point, Ethereum will need massive support that entails surpassing the previous week’s high of $2,169.

Barring another extended sell-off in the week, Ethereum should steer clear of the second major support at $1,651. The 62% FIB of $1,725 should limit the downside. Furthermore, Ethereum left the major support and resistance levels untested at the start of the week.

Related video: Bitcoin and Ethereum – Weekly Technical Analysis – July 19th, 2021

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