key takeaways
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Ether has been trading around the $1,800 area for the past few weeks.
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The crypto market is slowly recovering from its recent slump and ETH may soon target the $2k psychological level.
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Ether has yet to test the 11-month high of $2,141 since hitting that level after the Shanghai update.
Ether may test the $2k level soon
Ether, the second largest cryptocurrency by market cap, has been underperforming in recent weeks. The cryptocurrency has been trading between the $1,750 and $1,850 levels for the past few weeks.
The performance coincided with a stable performance from the broader cryptocurrency market. The total cryptocurrency market cap hovered around the $1.1 trillion region during that period.
at press time, ethereum price Standing at $1,852 with a gain of over 2% in the last 24 hours. The positive performance comes as sentiment improves in the broader crypto market.
Investors continue to monitor the ongoing debt ceiling talks in the United States, with some turning to cryptocurrencies as a hedge against a possible US debt default.
Ether, as the second largest cryptocurrency by market cap, could be one of the biggest winners if the market attracts more investors.
key levels to watch
The ETH/USD 4-hours chart is showing bullish momentum as Ethereum performed well over the past 24-hours. Technical indicators suggest that ETH could rally higher in the near term.
The MACD lines are now in the positive zone to show that the bulls are currently in charge of the Ether market. The 14-day RSI of 64 also shows that Ether could soon enter overbought territory if the rally continues.
If the current market conditions hold, ETH could test the first major resistance level at $1,921 before the end of the day. However, ETH may need support from the broader crypto market to reach the second key resistance level at $2,008 in the near term.
where to buy ethereum now
binance
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coinbase
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and offers a wide range of coins, as there are over 100 to choose from. Coinbase has a high level of security built into the platform, a range of diverse features to use and offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange. .
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