The Ethereum (ETH) bulls are looking for another rally above $ 2,000 as the bears appear to focus on retesting critical support levels
The price of Ethereum is just above $ 2,100 as the bulls seek to strengthen their influence above $ 2,000. The ETH / USD pair has seen tremendous selling pressure in the past hour. Prices fell from highs of $ 2,131 to lows of $ 2,090. Bears appear to be much more anxious to bring prices down after rejecting bulls’ advances at the all-time high of $ 2,152.
Last week’s positive sentiment needs to remain intact for the short term for ETH / USD to generate new gains.
For ETH, this could mean copying the action seen with some major altcoins that have continued to increase.
Ripple’s XRP is the biggest winner among the top ten at 36% in the last 24 hours. The XRP / USD pair is now aiming for a breakout above $ 1.00, a huge hit for a coin that has struggled for most of the bull market.
Other top winners are Binance Coin (BNB) at 12% currently trading near $ 385, while Litecoin will attempt to break above $ 225 after rising 10%. Stellar (XLM) is up 16% and is trading near $ 0.54.
Ethereum price analysis
The technical picture for ETH / USD suggests that bulls will seek to raise prices as sell-off pressures ease. On the hourly chart, the MACD is above the signal line, indicating weakness in the bears. The hourly RSI has also fallen above the 50 level to give buyers the upper hand.
The cryptocurrency is currently trading just below a major bullish trendline and the Fibonacci retracement level of 23.6% ($ 2,116) on the hourly chart. If the bulls jump higher and retest resistance at the recent high of $ 2,152, legitimate targets north of the supply barrier would be $ 2,200 and $ 2,250.
The ETH / USD is showing an upward strength on the hourly chart. Source: TradingView
On the contrary, sentiment could turn negative if prices fall. The initial support zone is on the key horizontal line near $ 2,080. If prices drop below this level, bears could attack the 50% Fib level ($ 2,077) and then 100 SMA ($ 2,069). Further losses could support easing pressure to retest the $ 2,000 support zone