- Mild bullish rally rejected at $2,000.
- Active deposits spiked over the last 48 hours.
Ethereum [ETH] recorded an 8.7% gain in the past 48 hours before its bullish momentum was halted by the price rejection at the $2,024 price area.
Read Ethereum’s [ETH] Price Prediction 2023-24
The bullish rally followed Bitcoin’s [BTC] reclaiming of the $29k price zone. However, the selling pressure in the last 24 hours saw ETH’s price dip to $1,908, as of press time.
Will this curtail the second-largest cryptocurrency’s bullish momentum?
Ethereum bulls rise to the occasion
ETH made a YTD-high of $2,127 in mid-April. However, the bearish order block at that level halted more bullish gains. This led to price dipping to the $1,820 price zone. Subsequent bullish rallies were thwarted with the price stuck in a consolidation range between $1,820 and $1,955.
BTC’s rally to $29k provided the needed momentum for another bullish rally with ETH briefly touching the $2,000 psychological price zone.
The Visible Range Volume Profile provided insight into what ETH’s next move might look like. The Value Area High (VAH) stood at $1,940 while the Value Area Low (VAL) stood at $1,762. With price bouncing off the Point of Control (red), bulls could get ready to make another approach for the $2,000 price zone.
The RSI dipped from the overbought zone but made a recovery to the neutral 50 mark. The Awesome Oscillator also gave mixed indications with no clear signal for either bullish or bearish momentum.
Traders can watch out for a daily candle close above $1,940 – $1,960, as this could offer buying opportunities. Alternatively, aggressive bears can wait for rejection at the VAH for more shorting o
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Author: Suzuki Shillsalot
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