- Mild bullish rally rejected at $2,000.
- Active deposits spiked over the last 48 hours.
Ethereum [ETH] recorded an 8.7% gain in the past 48 hours before its bullish momentum was halted by the price rejection at the $2,024 price area.
Read Ethereum’s [ETH] Price Prediction 2023-24
The bullish rally followed Bitcoin’s [BTC] reclaiming of the $29k price zone. However, the selling pressure in the last 24 hours saw ETH’s price dip to $1,908, as of press time.
Will this curtail the second-largest cryptocurrency’s bullish momentum?
Ethereum bulls rise to the occasion
Source: ETH/USDT on Trading View
ETH made a YTD-high of $2,127 in mid-April. However, the bearish order block at that level halted more bullish gains. This led to price dipping to the $1,820 price zone. Subsequent bullish rallies were thwarted with the price stuck in a consolidation range between $1,820 and $1,955.
BTC’s rally to $29k provided the needed momentum for another bullish rally with ETH briefly touching the $2,000 psychological price zone.
The Visible Range Volume Profile provided insight into what ETH’s next move might look like. The Value Area High (VAH) stood at $1,940 while the Value Area Low (VAL) stood at $1,762. With price bouncing off the Point of Control (red), bulls could get ready to make another approach for the $2,000 price zone.
The RSI dipped from the overbought zone but made a recovery to the neutral 50 mark. The Awesome Oscillator also gave mixed indications with no clear signal for either bullish or bearish momentum.
Traders can watch out for a daily candle close above $1,940 – $1,960, as this could offer buying opportunities. Alternatively, aggressive bears can wait for rejection at the VAH for more shorting opportunities.
Is your portfolio green? Check out the Ethereum Profit Calculator
Mixed signals in the futures market
Source: Coinglass
Data from Coinglass showed that longs had a slight 51.07% advantage in the long/short ratio on the four-hour timeframe. However, the spike in the active deposits on exchanges in the last 48 hours suggested that a strong base of ETH holders were still looking to benefit from short positions at press time.
ETH traders should keep an eye out for price accumulation around the $1,920 – $1,970 price range, as this could signal the coin’s next move.
Source: Santiment
