Ether rallied by over 5% yesterday to reach the $2k level again and is now sitting just below that figure
By the end of Wednesday, ETH was trading at $1,996 per coin. It began Wednesday in a bearish tone, falling to an intraday low of $1,754.27 before the rally began. ETH was able to steer clear of the 62% FIB of $1,725 and its first major support level at $1,724. The rally saw Ether reach a late intraday high of $2,033.16.
Although it has dropped below the $2k mark again at the time of writing, Ether looks primed to rally again, especially if it gains the support of the broader cryptocurrency market.
#Bitcoin is getting into this range, which we’ve been acting in for days.
Resistance of that range seems to be approaching.
— Michaël van de Poppe (@CryptoMichNL) July 21, 2021
ETH price outlook
The ETH/USD 4-hour chart is a very bullish one at the moment, with the general momentum from the market expected to push it higher in the coming hours. ETH would need to steer clear of the $1,928 pivot point to surpass the first major resistance level at $2,102.
If ETH gets support from the broader crypto market, it could surpass Wednesday’s high of $2,033.16 and likely reach $2,050. Barring an extended market rally, the first major resistance level will likely limit further upside.
ETH/USD chart. Source: Coinalyze
However, if there is a market-wide crypto rally, Ether could bring the resistance at $2,250 into play before a pullback. The cryptocurrency’s second major resistance level sits at $2,207.
On the other hand, if Ether drops below the $1,928 mark, the bulls would be forced to defend the first major support level at $1,823. Unless there is a massive sell-off, Ethereum should comfortably stay away from its 62% FIB of $1,725, with the second major support level currently sitting at $1,649.
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Author: Hassan Maishera