ETH → 2000 Retest. What is the importance of this level for us?

ETHUSD is not slowing down, the price continues to test the upper critical resistance zones for a breakout. Ethereum is stocked with a fairly strong fundamental backdrop and increased investor interest.

The market is forming a range of 2130 - 1934. The middle level of 2005 plays a particularly important role - quite an important zone: a psychological level, the beginning of the level was laid in February 2021 and since then this area has numerous confirmations, thus dividing the market plane into two halves - bullish and bearish.
Consolidation of the price above the 2000 level, which we are waiting for with interest, will anchor the price in a new bullish range and open up a great upside potential.

Applications for ETH-ETFs are only growing, which warms up the market after a long winter. At the same time, the developer market is actively using the ETH network to build new crypto projects and new opportunities for merchants.

In terms of technical analysis, we see a bullish reaction to the 0.382 fibo area followed by a retest of the 2000-2005 level. A price fixing above this area will give the bulls a good leverage. Potential targets: 2131, 2300.

Support levels: 0.236 fibo, 1920, 0.382 fibo
Resistance levels: 2000-2005, 2131, 2300

I expect the formation of a hard bullish position above 2000-2005 with further active growth towards the untested liquidity zone

BTCUSD ETHUSDT TOTAL

Regards R. Linda!

Comment:

Confirmations of a strong 2000 area that divides the market into two planes are indicated by the red circle

Comment:

for the first time in 9 months, wallets with 10,000 ETH+ balances accumulate ETH for 9 days in a row - Glassnode

Regarding technical analysis:
ETH is testing the downward resistance that has kept the market in the red zone for almost 2 years.
Consolidation is forming near the resistance line
ETH on the background of positive fundamental background is forming a setup that can break the resistance.
The impulse can start at the breakout of 2128. Consolidation of the price above this level will form a bullish potential

Trade closed: target reached: