Ethereum (ETH) surpassed the $2,000 mark on March 20, signaling a potential shift in market momentum. The cryptocurrency is trading at $2,002.8, reflecting a 0.71% gain over the last session. This move comes after weeks of downward pressure, with ETH showing signs of recovery as buying activity increases.
ETH Moves Above Key Moving Average
Ethereum’s price has broken above the 50-day moving average, a level that previously acted as strong resistance. This upward movement indicates renewed buying interest, with market participants regaining confidence. The moving average had limited previous price increases, but stronger volume in today’s session has helped ETH maintain its position above it.
Ethereum’s immediate hurdle now lies at $2,050, a level that previously triggered pullbacks. If ETH manages to break through, the next target could be around $2,200, where heavier selling pressure is expected. However, if the price struggles to maintain upward momentum, support is seen at $1,965, with a stronger safety net around $1,805, a level that has held firm in past declines.
Technical Indicators Show Room for Growth
Ethereum’s Relative Strength Index (RSI) stands at 57.63, suggesting that the asset is in bullish territory without being overbought. This means there is room for further gains if buying pressure continues. Volume trends also indicate growing investor interest, reinforcing the potential for sustained upside movement.
Ethereum’s ability to hold above $2,000 will determine its short-term direction. A breakout beyond $2,050 could push the price toward $2,200, while failure to maintain momentum might result in a pullback toward $1,965 or lower.