ETH Rally Could Extend to Over $ 2000

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Ether gained over 5% yesterday, reached rose to $ 2000 and is currently trading slightly below this mark

The cryptocurrency market enjoyed a good performance yesterday, with Bitcoin crossing the $ 30,000 mark and now trading above $ 32,000 again. Ether also rose more than 5% yesterday after Tuesday’s losses.

As of late Wednesday evening, ETH was trading at $ 1996 per coin. Ether kicked off Wednesday with bearish sentiment, dropping to an intraday low at $ 1754.27 before starting its rally, managing to hold above the 62% Fibonacci retrancement level at $ 1725 and the first major support level at $ 1724. In the wake of the rally, Ether hit a late intraday high of $ 2033,16.

Although it has again fallen below the $ 2000 mark at the time of writing, Ether seems poised for another surge, especially with the support of the broader cryptocurrency market.

ETH Price Forecast

The 4-hour chart of ETH / USD is currently very bullish, with the general dynamics of the market likely to push it up in the coming hours. ETH would need to stay away from the pivot point at $ 1928 to surpass the first major resistance level at $ 2102.

With support from the broader crypto market, ETH could overcome Wednesday’s high ($2033.16) and move up to $ 2050. Unless there is a larger market rally, the first large resistance level is likely to limit further upside potential.

Chart ETH / USD. Source: Coinalyze

However, in the event of a market-wide crypto rally, Ether could target resistance at $ 2250 before retreating again. The second large resistance level is at $ 2207.

On the other hand, if Ether falls below the $ 1928 mark, the bulls would be forced to defend the first major support level at $ 1823. Unless there is a massive sell-off, Ethereum should easily hold above its 62% Fibonacci retracement level at $ 1725. The second key level of support is currently at $ 1649.