The renowned cryptocurrency trader and analyst Ali revealed in an X post that Ethereum (ETH) was able to reclaim a position above $2,000. What makes the altcoin leader’s break above this mark more impressive is the fact that it took place without the involvement of cryptocurrency whales.
#Ethereum has reclaimed the $2,000 threshold, and intriguingly, this is all happening before whales have even started buying $ETH! pic.twitter.com/wrgESGXoU6
— Ali (@ali_charts) November 10, 2023
In a comment, Ali added that the cryptocurrency’s price may continue to rise in the next few days should whales begin accumulating ETH. However, he did reveal that he is not so confident that the rest of the altcoin market will rise alongside ETH.
CoinMarketCap data indicated that ETH maintained a position above the key $2K mark at press time and was trading hands at $2,106.22. This was after the leading altcoin printed a standout 9.47% gain over the past 24 hours. This remarkable daily performance pushed ETH’s weekly performance deeper in the green zone to +16.98%.
Daily chart for ETH/USDT (Source: TradingView)
ETH made light of both the $1,945 and $2,030 barriers over the past 24 hours and flipped both significant price points into support. Traders attempted to elevate ETH’s price above $2,150 as well, but did not have the necessary buying power.
Nevertheless, there is still the possibility that ETH surpasses the $2,150 resistance level in the next couple of days. Should ETH close a daily candle above this mark, it will have a clear path to rise to the subsequent threshold at $2,300 within the following fortnight.
This bullish thesis may be invalidated if ETH fails to close a daily candle above $2,150 in the next 72 hours. This potential rejection could lead to the altcoin dropping down to the aforementioned $2,030 mark. Continued sell pressure could then force ETH back down to $1,945 in the short term as well.
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