Yesterday Ethereum managed to close the day above $ 1800, which allowed investors to see that the cryptocurrency market has stabilized. This short-term support bounced off and rallied above $ 1,900. At the time of writing, amid the bullish rally in the first cryptocurrency, ETH is hovering at $ 1,930.
The four-hour chart shows ether in bullish hands based on Moving Average Convergence Divergence (MACD). This vital technical indicator follows the trend of an asset and measures its momentum.
A step into the positive area (above the centerline) is seen as a bullish sign. The bullish outlook is confirmed by the crossing of the MACD line (blue) above the signal line. At the time of writing, the MACD line is widening its divergence, further strengthening the presence of bulls in the market.
Bulls should deliberately close the day above $ 1900 to prevent any correction from prevailing price levels. Moreover, higher support will allow the bulls to focus on overcoming the main obstacle at the $ 2,000 level.
Please note that after this important event, trading for Ethereum can be extremely profitable, primarily due to potential bulk buy orders.
The same four-hour chart shows that Ethereum is trading near a double top pattern, which is clearly a bearish pattern. If confirmed, ETH may lose most of the profits acquired since the beginning of the week. Note that Ethereum may be looking for support at $ 1800, $ 1600 and the main anchor at $ 1550.
Ethereum daily levels
Spot Rate: $ 1,920
Trend: bullish
Volatility: high
Support: $ 1800 and $ 1700
Resistance: $ 2000
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