The Currency analytics
By Sakamoto Nashi
Ethereum smashed through $2,020. The second-largest crypto by market cap pushed higher Monday, breaking past the stubborn $1,980 resistance that had been holding prices down for…
But there's a catch. Hourly charts from Kraken show a bearish trend line forming around $2,040, and that's got traders nervous.
Ethereum found its footing after establishing a solid base above $1,950, basically copying Bitcoin's playbook.
Right now, Ethereum's trading above $2,020 and staying aligned with that 100-hourly moving average. If bullish sentiment can hold above $1,975, another leg up seems likely.
The $2,080 level is where things get really interesting. That's the first major resistance zone that matters. Beyond that, $2,120 becomes the make-or-break level.
If Ethereum can't crack that $2,040 resistance, we're probably looking at another downside move. The first support sits around $2,000, followed by major support near $1,975.
Technical indicators are painting a mixed picture right now. The hourly MACD for ETH/USD is gaining some bullish traction, which is encouraging for the bulls.
On February 27, market analysts started buzzing about Ethereum's price action as a sign of potential volatility ahead.
The broader crypto market isn't helping much. Bitcoin's been bouncing around $30,000, and Ethereum's correlation with Bitcoin remains a huge factor for traders.
Vitalik Buterin hasn't said much about the recent price action. His silence is leaving room for all kinds of speculation about what the Ethereum Foundation might be planning.
Major exchanges like Coinbase and Kraken haven't made any official comments about changes in Ethereum's trading dynamics.
Glassnode dropped some interesting data on February 27. The blockchain analytics firm reported a big jump in Ethereum's on-chain activity.
Binance CEO Changpeng Zhao tweeted on February 26 about Ethereum's resilience amid market fluctuations.
The regulatory front is quiet for now. The SEC hasn't made any recent announcements affecting Ethereum, which gives traders a relatively stable environment to focus on technical…
Coinbase noted increased institutional interest in Ethereum. A spokesperson revealed on February 25 that the platform saw a 20% rise in ETH trades from institutional accounts…