- Ethereum Bulls saw an increased question in recent days, stimulating a price rally.
- The psychological $ 2K level is the following critical resistance level.
Ethereum [ETH] Saw positive developments in recent days. The Pectra upgrade, which is expected to be completed on April 30, would provide technical improvements that would improve the efficiency, usability and security of the network.
The MVRV prize tire was at the level of $ 1,367. Historically, Hertests of the MVRV prize band formed the price base, such as in 2019 and mid-2022.
In the past two weeks, ETH saw a price of 20.8% bouncing. Yet the long -term downward trend was still unbroken. Strengthening the basic principles helped explain the recent profit. Can the bulls maintain these bouncing and turn it into a substantial rally?
Time for Eth -Optimism in the coming week or two
Source: ETH/USDT on TradingView
The level of $ 1,904 was the recent lower high to look at ETH to regain a bullish structure. It probably seemed that token could achieve it. The A/D indicator climbed higher in April. The CMF stuck its head up +0.05 to indicate significant capital flows.
The MFI also showed bullishness. However, the long-term bearish-trend was still a factor. ETH had almost tested the 161.8% southern extension level, based on the November rally from $ 2.3k to $ 4.1k.
That is why, despite the recent profit, it cannot be said that bulls from the long -term perspective had a revival. More careful traders could try to ride on this trend and make a profit at important resistance levels, such as $ 1.9k- $ 2K.
The above of 1 months liquidation card showed a high density of liquidation levels in the $ 1,960- $ 2,000 region. The power and proximity of the magnetic zone for the price meant that Ethereum would probably be to $ 2,000 in the coming days to $ 2,000.
The level of $ 1,850 could block the progress of the bulls, but there are probably more profit in the coming week or two. After sweeping the $ 2K region, traders must be wary of a bearish reversal. An outbreak beyond $ 2k- $ 2.1k would signal that bulls will live the power back.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer