ETH Bulls Aim at $2K But is a Retest of $1.8K Coming First? (Ethereum Price Analysis)
Ethereum’s price recently received support at the 200-day moving average and subsequently embarked on a strong bullish rally, breaking above the 100-day MA. This could be a positive indicator for Ethereum’s mid-term prospects, but it also carries the risk of being a bull trap.
The Daily Chart
After a period of correction and a significant downtrend, the price reached the $1.6K level, which coincided with the 200-day moving average and found support. The significant buying pressure at this level triggered a rapid reversal and an upward trend toward the critical resistance zone around $2K.
Additionally, the price surpassed the 100-day moving average at $1.8K, suggesting a bullish bias for Ethereum in the mid-term. However, to confirm the presence of a bull market in 2023 and restore sufficient demand to the market, Ethereum’s price still needs to overcome the substantial resistance at the $2K region and consolidate above.
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