Ethereum Resumes Its Ascent As It Targets the Milestone of $2,000
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) reached a high of $1,916.50 on November 6 as it targets the milestone of $2,000. The largest altcoin is facing a minor retracement. The positive momentum has broken above the resistance at $1,876 after two retests. On the plus side, Ether is projected to make a final push above the psychological price threshold of $2,000 this week.
If the cryptocurrency price retraces and maintains above the $1,876 support, a surge to between $2,000 and $2,200 is likely. At the time of writing, ETH/USD had plummeted to a low of $1,879. On the downside, bulls will maintain their bullish momentum as they defend the $1,876 support.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
On the 4-hour chart, the cryptocurrency’s price has retraced above the 21-day SMA, implying that the cryptocurrency will continue to rise. If Ether goes below the 21-day SMA or the $1,876 support, an upward advance or rally above the $2,000 psychological price barrier becomes difficult.
Conclusion
The largest altcoin reaches a high of $1,915.50 as it targets the milestone of $2,000. The psychological price level of $2.000 will be hit if the retracement stops above the moving average lines or above the $1.876 support. The current rise will come to an end if it falls below the $1.876 support.
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