Ethereum [ETH] Bulls Eyes $2K Despite Short-term Dip Risks

Ethereum [ETH] retook several levels in the latest bullish impetus. It was up by more than 16% over the past week. Even as it overturned the bearish sentiment in the market with a three-day winning streak, the crypto-asset suffered a short-term pullback.

Ethereum had started heading lower toward the end of February until it found a price wall at the resistance-turned-support of $1420. Soon after which the world’s largest altcoin by market cap began in consolidation to eventually climb to form recent gains well above $1,800.

It retraced by 1.06% over the past day and was currently trading at $1,811. In addition, ETH held on to a market cap of $208 billion and a 24-hour trading volume of $22 billion, at the time of writing.

Ethereum [ETH] Daily Chart:

The 20 moving average [Pink] depicted a short-term outlook as it slid below the Ethereum price candles soon after the crypto-asset hopped on to a fresh bullish momentum to reclaim the losses. Adding another layer of bullish phase was the 50 DMA [Purple] which was not only hovering below the former but also moved under the candlestick arrangement following the latest uptick.

The placement was bullish, however, the moving averages appear to be converging. If the trend continues and they undergo a bearish crossover, Ethereum’s price risk in fall in the short-term.

Bullish momentum aided the ETH bulls as Awesome Oscillator’s green bears flipped on the positive side depicting the rising strength. Further validating the rising bullish momentum was On Balance Volume [OBV] which projected healthy buying pressure and backed a favorable outcome in the coming days.

After briefly nearing the oversold section and creating an obstruction for the bulls, the RSI rose above the 50-median line depicting a sentiment of increased buying pressure and room for more upsides in terms of Ethereum’s price moving forward.

In case of a short-term pullback, ETH’s price could revisit its nearest level of support at $1,531. A scenario of an extended downtrend in the market seems highly unlikely. Nevertheless, its price found critical supports at $1,418 and $1,242.

The above analysis a bullish signal with respect to it long-term scope. Target points for further upside was found to be at $1,962 and $2,046 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.