#MarketRebound
Mapping Ethereum’s road to $2,000 – What traders should know!Ethereum [ETH] saw positive developments over the past few days. The Pectra upgrade, expected to be completed by the 30th of April, would bring technical improvements that would improve the network’s efficiency, usability, and security.
The MVRV pricing band was at the $1,367 level. Historically, retests of the MVRV pricing band have formed the price bottom, such as in 2019 and mid-2022.
Over the past two weeks, ETH saw a 20.8% price bounce. Yet, its long-term downtrend was still unbroken. Strengthening fundamentals helped explain the recent gains. Can the bulls keep this bounce going and turn it into a substantial rally?The $1,904 level was the recent lower high to watch for ETH to regain a bullish structure. It appeared likely that the token could reach it. The A/D indicator was climbing higher in April. The CMF poked its head above +0.05 to denote sizable capital inflows.
The MFI also showed bullishness. However, the long-term bearish trend was still a factor. ETH had nearly tested the 161.8% southward extension level, plotted, based on its November rally from $2.3k to $4.1k.
Therefore, despite the recent gains, it can’t be said that bulls were having a revival from the long-term perspective. More cautious traders could look to ride this trend and take profit at key resistance levels, such as $1.9k-$2k.
