Ethereum‘s price movement has been promising over the past few days. The bulls have been pushing to exceed the upper levels of the range and have defended this region as support on retest. However, trading volume is on a downward trajectory. On-chain metrics indicated a high profit-taking rate, even after a slight upward movement. Therefore, even though indicators show an uptrend, the road to victory is not easy for the bulls.
The Latest on Ethereum’s Price
The $2000 level is extremely important both technically and psychologically. Prices were accepted above this level in mid-April and rose up to $2141. These gains were quickly erased as ETH continued to drop to $1750 in May.
Over the past two weeks, the $1880 resistance was breached and retested as support. The old four-hour downtrend order block turned into the breakout region of the uptrend, also at the highest levels of the range (in orange).
The RSI was above neutral 50, emphasizing the bullish momentum. It’s expected that ETH continues its climb to $2000. Findings from the OBV were slightly worrying, showing that the OBV did not increase as Ethereum prices rose above the $1900 region.
This demand could surface in the coming days, however, Bitcoin’s bearish trend in the market was a threat to short-term bulls. Therefore, they may consider booking profits upon clearing the $1950-$1990 region. The possibility of a pullback from this region should not be disregarded.
What Do Indicators Say About Ethereum?
Despite slight calculations and some differences being accounted for, the spot CVD showed a trend similar to OBV. Taken together, they demonstrated a lack of conviction from Ethereum buyers.
Traders were said to have been keen on booking profits due to a lack of a clear trend in recent weeks. Although higher timeframes like the weekly showed an uptrend for ETH, the daily chart wasn’t so definitive. This chart highlighted a major resistance around the $2000-$2100 area.
Meanwhile, in lower timeframes, Open Interest rose along with the prices. The funding rate also remained positive. They showed an uptrend in the market within the last two days.
