ETHUSD (Ethereum) has been on an upward trend since the beginning of the year, hitting a nine-month high of 1,995 in today’s session after successfully completing the long-awaited Shanghai upgrade. Now the focus shifts to whether the pair can extend his 2023 ascent and regain the 2,000 psychological mark.
Momentum indicators are currently suggesting that the bulls are gaining strength. Specifically, the RSI is trying to cross the 70 overbought area while the Stochastic Oscillator is rising inside the 80 overbought zone after posting a bullish cross.
If Ethereum rises above the 2,000 sentiment mark, the 2,030 peak in August 2022 could serve as the first resistance. A breakout of this area could push the price higher towards the 2,450 zone, which will act as support and likely resistance in the future. may open the way for
Alternatively, the support at 1,770 could be quickly reached if sellers reappear and pull the price down. If that floor collapses, the bears could target 1,690 before considering his February support at 1,463, which is very close to his 200-day SMA. An even lower March bottom of 1,370 could provide some downside protection.
All in all, the latest fundamental development has given ETHUSD a much-needed boost towards new highs. However, the price needs to close above his 2,000 psychological mark for the uptrend to resume.
