Crypto Analysis: Ethereum Retreats From Previous High, Price Towards $2,100?

ETH has performed fantastically in recent weeks. The No. 2 crypto market recently recovered from a sideways move before recovering from an earlier high. All of this suggests we could see a price of $2,100 soon. Let’s look at the graphs.

Are you going for $2,100?

We start this analysis with the weekly chart. Here each candle represents 7 days, and so we can look into the distant past. This is important for analyzing the key price levels, in this case the gray areas around $900 and $2,100.

These zones date from the past, but are still relevant today as support and resistance points. When the rate reaches these prices, the currency will likely reverse as this happens often. This happens, for example, because there are still old buy or sell orders available or because other investors also pay attention to these levels.

Up to over $1,745

Now that we know where these zones are, we can zoom in on the daily chart (every 24-hour candle). Here we will cover the blue lines at $1,550 and $1,745, the places where Ethereum has been moving for weeks. Every time the price reached one of these lines, the currency changed direction – until last Monday.

On this day we saw Ethereum above $1,745 for the first time in a long time. This is positive as it surpasses the previous high. And indeed, the coin is selling at this high level. This means that buyers now place their orders in the place that previously served as a resistance. This is a very positive sign.

I was pushed, don’t give up now

This means there is a higher chance of the coin moving towards the gray zone of $2,100. It’s a long time ago. Below we see the 4-hour chart, which better illustrates ETH’s recent movements.

Here we can clearly see how strongly the coin has reacted to the top blue line, but the upward movement is slow. As long as the coin does not return to the sideways zone (between $1,550 and $1,745), there is no cause for concern. ETH is then expected to continue rising towards $2,100. However, if the coin falls below $1,745, it could get stuck in this sideways move again for a while.