Ethereum has experienced a substantial surge, surpassing the significant $2,000 threshold. This milestone holds significant importance at this psychological level for both traders and investors, indicating a sustained bullish trend for the world’s second-largest crypto by market capitalization. Adding to the positive sentiment is the potential impact of the Ethereum Improvement Proposal (EIP) 1559. This proposal, designed to mitigate the volatility of transaction fees, enhances the network’s future utility and strengthens its appeal as an investment.
At the time of writing, ETH was trading at $2,013
ETH after breaking the long-held resistance of $1,750 surged up to $2,136. The asset faced resistance at its previous high of $2,146 and witnessed correction and the prices dropped to $1,904. ETH made a double ‘Doji’ at the recent low of $1,904 and rallied up to $2,133. The bulls again faced rejection and were struggling to break the previous high of $2,146 and the prices corrected to $1,985. However, bulls finally gave a breakout above the resistance and the prices rallied up to $2,274.28. ETH has a strong resistance zone from $2,400 to $2,350. We may expect some profit booking or consolidation from these levels. $2,140 will now act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,950 | $2,140 | ETH | $2,350 | $2,450 |
