- Ethereum bulls defend ascending channel’s middle boundary support on the .
Price action past $2,000 may trigger massive buy orders as $2,500 beckons.
The shows that the uptrend is not secured and declines will likely come into the picture.
Ethereum has been on an upward role since the beginning of March, as observed on the . The pioneer altcoin rose from the lows traded at $1,292 toward the end of February and reclaimed the position above $2,000 in April’s first week.
A new record high was also achieved at $2,146 (on Coinbase) before the correction on Wednesday came into the picture. Attempts to defend the support at $2,000 were thwarted by increased overhead pressure, which affected most digital assets, including Bitcoin . The flagship cryptocurrency extended the leg to $56,000 before finding stability.
At the time of writing, Ether teeters at $1,987 while holding onto the immediate support provided by the ascending channel’s middle boundary on the . If this support remains intact, Ether will likely gain market stability, allowing bulls to focus on stepping above $2,000.
On the downside, it is worth mentioning that the Moving Average Convergence Divergence ( ) has a impulse. This shows that the expected uptrend is in jeopardy and ETH may resume the downtrend, especially if the line crosses under the signal line. Other support levels have been highlighted at $1,800 and $1,600 if declines extend.
Ethereum intraday levels
Spot rate: $1,995
Support: $1,800 and $1,600
Resistance: $2,000 and $2,146