The value of ETH exploded earlier today, approaching major resistance levels. Is this the start of a new bull-run for ether (ETH)? Here are the levels to watch out for.
Ether (ETH) bounces off support
The second-largest crypto by capitalization gained nearly 6% in value after hovering around $1,740. Earlier today, Ether (ETH) broke out of the price range between $1780 and $1850 after a sharp rise of 3.5%. Currently, it is trading around $1860. The bullish impulse during the Asian session could be the start of a new major upside, but several obstacles stand in the way of the bulls.
The nearest resistance is found at $1872. This is the May opening price which is a relevant level. Moreover, the resistance line (in green) is located approximately in this area. If the bulls manage to push Ether (ETH) higher, the next resistance can be found at the psychological zone of $2000. This is the area between $1988 and the May high of $2021. If ETH breaks this high explosively, it will be a signal for a change in the medium-term downtrend. In this case, a rise towards $2500 could be possible.
These resistance levels are potentially interesting sell areas, as the medium-term structure is bearish. The breakout of the May top ($2021) would therefore be a very relevant bullish signal.
A rise towards $2000 in the short term?
On the scaled down, Ether (ETH) is showing a bullish setup that could potentially lead it towards $2000. Indeed, the price rebounds from the support of $1765 on May 12, before remaining in range above this level. Then, the rise during the Asian session allowed ETH to break out of this range movement. Thus, we could envisage more upside and a weekly close in the green.
In order to take advantage of this, a buy position at $1820 could be attractive in the short term. The target being the psychological level of $2000. If the price manages to clear this major hurdle, it will likely be the start of a new bull run for Ether (ETH).
Admission: $1820;
Stop: $1788;
Goal 1: $2,000;
Goal 2: $2,500.
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