Skip to content

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

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

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

[coinbase]

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Read Next:

Weekly Finance Digest

Related posts