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The Ethereum price continues to closely follow in the footsteps of Bitcoin in the third week of a bullish turnaround in the cryptocurrency market. The BTC price surged 23% in seven days to trade at $21,159, while the ETH price surged 18.4% over the same period to trade at $1,564.
As expected, Bitcoin price affirmed its uptrend with a break above $21,000 and is gathering more liquidity before making another attempt at $24,000 and $30,000. On the other hand, Ethereum price position above $1,500 looks strong enough to pave the way for gains above $2,000 in the next few days or weeks.
Analysts seem to agree that the Bitcoin price may have bottomed out, and the relief rally in January could herald the start of a bull run. Rekt Capital, a pseudonymous analyst and trader, recently told his 333,000 Twitter followers that “Ethereum is pushing past multi-month resistance right now,” though it needs to “turn black diagonal resistance into support.”
FXCM, a broker and analyst at Tradingview, had an overall bullish bias for the Ethereum price, citing ETH’s position above the Ichimoku cloud. The analyst sees a move towards $2,000 with first profit taking at $1,677. Traders may be ready to ride the trend north, with Ethereum confirming the next leg above $1,700.
GroundNinja, a professional account holder at Tradingview, believes that “daily Ethereum Fibonacci levels suggest a bullish continuation of the previous areas of the structure seen in September 2022 and May 2022.”
He suggests that traders pay attention to the 78.6% Fibonacci value, which if broken could validate another significant move north. Despite the bullish outlook for Ethereum, GroundNinja warns that if Ethereum price falls below the 61.8% Fibonacci value, we could see a return to a leg lower to areas around $1280, where the Fibonacci level of 50%.
“Daily ETH Fibonacci levels suggest a bullish continuation of previous structure areas seen in Sep 2022 and May 2022. Key levels to watch are the 0.786 fib value, which validates a 3-bar game to the upside. Downside scenarios are rejections at or above the current price and breach of the 0.618 fib level back to lower bidding levels in the 0.500 zone of 1280.33// Key levels: 1459.34, 1516.67, 1678.36, 1714.20 // Price at time of publication 1596.20”, NinjaGround reviewed on Tradingview.
Ethereum price breakout to $2,000 is a matter of time
Ethereum price is sitting above the solid support provided by the 200-day EMA (in purple) at $1,505. The fight between bulls and bears may push the price of ETH to lower levels; however, a rally from this support could propel Ethereum to $2,000.
The largest smart contract token is also above key levels including the 50-day EMA (in red) at $1,317 and the 100-day EMA (in blue) at $1,336. A buy signal from the indicator Moving Average Convergence Divergence (MACD) bolsters the possibility of a bullish outcome to $2,000.
Observe the MACD (line in blue) which is hovering over the signal line (in red). Furthermore, the momentum indicator maintains a bullish trend in the positive region, in addition to green histograms that may continue to point the price of Ethereum to the upside.
The anticipated bullish breakout of Ethereum price may come sooner if buyers heed the call to buy ETH from the SuperTrend indicator. This buy signal manifested itself with the indicator turning below the ETH price and turning from red to green.
The previous call was a sell signal in early November, with the price of Ethereum falling 31% to $1,075. In this case, investors can confidently follow the uptrend until the signal changes to a sell.
Key Fundamentals Support Ethereum Price Rally
The bulls have been in control of the Ethereum market since the beginning of the year. According to IntoTheBlock’s IOMAP model, this situation is unlikely to change anytime soon, with areas of support getting stronger and pushing against areas of weakening resistance, as seen on the chart.
From the same graph, we can deduce that there are more Ethereum addresses making profits compared to those in the red. In other words, investors would be inclined to buy ETH in the coming days, thus overcoming the general declining pressure for a bullish outcome.
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He Meta Masters Guild (MMG) is the first global organization focused on mobile web3 games. The team’s primary goal is to create exceptional blockchain-enabled mobile games that establish a decentralized gaming environment, allowing members to earn rewards for sustainably participating in the ecosystem.
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