Ethereum saw a significant upswing last week, surging beyond the $2,000 mark for the first time in months. This surge can be attributed to the news of BlackRock applying to list an iShares Ethereum Trust. Following the rally, Ethereum bounced back from the psychologically significant level of $2,000 on November 12th, suggesting that bullish forces are actively working to establish this level as a support. Currently, Ethereum maintains a predominantly neutral stance, with the RSI registering at 72.2 and the Stochastic reading at 76. These metrics suggest a potential pause in momentum without providing a definitive sell signal.
At the time of writing, ETH was trading at $2,060.
ETH after taking multiple supports at the key level of $1,530 (78.6% Fibonacci Retracement Level) started moving up by forming a ‘Higher High Higher Low’ pattern. The asset broke the long-held resistance of $1,750 and rallied up to $1,865. ETH retested the support of $1,750 and made a high of $2,136. However, the bulls failed to break the previous high of $2,146 and the prices witnessed some profit booking and corrected to $2,012. The asset has a strong support zone from $2,000 to $1,950 and to further rally it needs to break and close above $2,150.
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