Ethereum Price Analysis: ETH Price Building Support Zone At $2K

ethereum performed with positive momentum

  • Ethereum performed positive momentum on Saturday’s trading session
  • ETH price is $2005, which is up by 3.50% in the last 24-hour time-frame and 9.0% up from the previous week
  • ETH/BTC pair is positive with a gain of 2.58% in Saturday’s trading session (0.035900)
Source: TradingView

Ethereum had positive momentum on the weekly chart, and it progressed up to $2034.40 on February 20, 2021, while breaking over the resistance zones created in the past. Whereas, ETH price framed a record of an All-time high. Meanwhile, the trading volume of $30,304,293,553 in the last 24-hour time-frame signifies an increase in the value of 13.05%.

Ethereum (ETH) Technical Chart Indicates a Positive Trend

The technical chart of Ethereum highlights a positive trend. In contrast, ETH price is at $2005. According to pivot points, the critical support level for ETH is placed at $1635. Whereas if it moves up, the key resistance level to watch is $2070. While diving into the weekly chart of a 4-hour time-frame, it completes an inverted hammer candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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Volume indicator with the amount (66.332K) exhibits a selling volume in coin. Investors can further expect an decrease in selling volume in future trading sessions.

SMA-200, price is at $1551.71, which acts as another reliable support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (BULLISH), bullish crossover over signal line detected on February 20, 2021, indicated a buy signal in the coin during the trading session. Also, it denotes tiny green bars on Histogram.

RSI indicator (BULLISH) with a value of 69.65 indicates a buy signal in the coin, investors can witness a rise in value in upcoming trading sessions.

Conclusion 

ETH price is up by 3.50% on Saturday’s trading session. The price is above the SMA of $1551.71. Investors may expect the movement of price towards the resistance level of $2070. All technical indicators recommend a buy signal in the coin.

Resistance: $2070

Support: $1635

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Source: https://www.thecoinrepublic.com/2021/02/20/ethereum-price-analysis-eth-price-building-support-zone-at-2k/