Key takeaways
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Ether has been trading around the $1,800 region over the past few weeks.
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The crypto market is slowly recovering from its recent slump and ETH could target the $2k psychological level soon.
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Ether is yet to test the 11-month high of $2,141 since it reached that level after the Shanghai update.
Ether could 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 level over the past few weeks.
The performance coincides with a stagnant performance from the broader cryptocurrency market. The total cryptocurrency market cap has stood around the $1.1 trillion region during that period.
At press time, the price of Ethereum stands at $1,852, up by more than 2% over the last 24 hours. The positive performance comes as the sentiment in the broader crypto market improves.
Investors continue to observe the ongoing debt ceiling talks in the United States, with some of them leaning towards cryptocurrencies as 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-hour chart is looking bullish as Ethereum has been performing well over the past 24 hours. The technical indicators show that ETH could rally higher in the near term.
The MACD line is now within the positive zone, indicating that the bulls are currently in charge of the Ether market. The 14-day RSI of 64 also shows that Ether could soon enter the overbought region if the rally continues.
If the current market conditions persist, ETH could test the first major resistance level at $1,921 before the end of the day. However, ETH could need the support of the broader crypto market to reach the second major resistance level at $2,008 in the near term.