- Ethereum resumes the uptrend focusing on the coveted $2,000 price level.
- The MACD on the 4-hour chart is likely to validate the upswing.
- Robust support has been established by the IOMAP, adding credence to the bullish narrative.
Ethereum continues with its lock-step trading after struggling to sustain action above $1,800. The 50 Simple Moving Average (SMA) on the 4-hour chart has helped keep the pioneer altcoin afloat. At the time of writing, Ether is dancing at $1,798 but is likely to step past $1,800 in the short-term.
On the downside, the 61.8% Fibonacci retracement level has ensured that Ethereum averts further breakdown. In other words, robust support has been established at $1,720.
As soon as Ethereum jumps above $1,800, the trend will flip massively bullish. Despite the stalling, buyers have not lifted their eyes from $2,000. Besides, the Moving Average Convergence Divergence (SMA) will confirm the bullish outlook when the MACD line (blue) crosses above the signal line.
ETH/USD 4-hour chart
Meanwhile, the IOMAP model reveals that Ethereum has a relatively smooth ride ahead due to the subtle resistances. Therefore, a break above $1,800 could boost Ethereum significantly upwards. However, attention must be channeled to the region between $1,817 and $1,820. Here, around 181,000 addresses had previously bought roughly 1.5 million Ether. The seller congestion in this zone is not very strong; hence the bulls might easily slice through.
On the other hand, the smart contract token is sitting on an immense support zone, likely to continue keeping it afloat. The range between $1,748 and $1,809 hosts approximately 429,000 addresses profiting from the nearly 9.5 million ETH previously bought in the area.
It is doubtful that Ethereum will break down below the robust support, adding credence to the bullish narrative. Action beyond $1,800 will quickly catapult Ethereum to $2,000. It is essential; to keep an eye on the MACD to confirm the bullish outlook.
Ethereum intraday levels
Spot rate: $1,820
Relative change: 40
Percentage change: 2.2%
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