- ETH attained speed to move beyond $1,300 before the bears emerged.
- Trader Joe announces mushrooming into the Ethereum ecosystem.
- The token price eyes another rise.
DeFi protocol Trader Joe has taken the stand to announce its very first expansion from Avalanche and onto the Ethereum ecosystem as a part of its plan to access new markets and drive up user activity. It announced its multi-chain expansion into Ethereum layer-2 scaling solution Arbitrum One on 1 December.
We're extremely excited to announce that @traderjoe_xyz has expanded into the Ethereum ecosystem with Arbitrum One as its destination!
— Arbitrum (
Due to being the native token, ETH took advantage of this opportunity and surged. It is trying to repeat its pattern of rise, the same as was seen at the time of the LUNA crash. During that time, the prices dropped but then surged to a halt at a price level of $2000. Similarly, ETH prices are rising after the FTX crash, aiming to reach the $2000 price level.
Here’s what the charts reveal
The token price has been consolidating for a long time and plans to rise. The price has often taken support near $1090 to rise, and the price is expected to do the same. This time it aims to rise to the $2000 price level. The trading volume also supports the price trend and awaits a bull takeover. It has already transcended the 20-EMA and now tries to accomplish 50-EMA.
The CMF indicator took a dip but remained above the baseline and now slopes up to match the up trail. The MACD indicator slightly splits, but the market forces act under the zero-histogram mark. The RSI indicator floats near the average mark and lays collinear to the mark. It may surge higher as the price may soon witness new demand.
Conclusion
The ETH market leaves no scoop for the holders to distrust the project and actively takes benefit of every petite situation to surge and lure users. It may plunge higher this time and leave the holders with buoyant returns.
Technical levels
Support levels: $1085.20 and 888.30
Resistance levels: $1781.44 and $2015.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/02/history-to-repeat-itself-eth-aims-at-2000-price-rally-approaches/