Technical Analysis
By TradingRage
Ethereum’s price is finally trading above $2,000 again. Investors are more optimistic than ever, hoping that a new bull market has begun and ETH’s price is destined for a new ATH in the coming months. Yet, it is wise to be cautious after significant price movements.
The Daily Chart
On the daily timeframe, the price surged significantly yesterday after getting supported by the 200-day moving average around the $1,800 mark. The market has broken above the large descending channel, indicating that a new bullish wave is on the horizon. However, a short-term consolidation or correction seems very likely at the moment.
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