Ethereum (ETH), the second-largest cryptocurrency by market cap, has been showcasing a bullish potential over the past couple of hours. The digital currency remained bullish even when the flagship cryptocurrency, Bitcoin (BTC), was continuously rejecting $60,000 support.
As a reward for the outstanding performance, Ethereum (ETH) has managed to surpass the $2,000 resistance level for the first since 20th February 2021.
At the time of filing this report, ETH is trading at $2,001.49, with a 4.34% price upsurge in the last 24 hours.
According to the crypto analytic firm Santiment in a recent tweet, the amount of average long for Ethereum (ETH) is back, which is one of the major factors of the current positive trend.
Santiment tweeted, “Ethereum surpassed $2,000 for the first time since February 20th. The amount of leveraged longs have come back to earth, as much of the ETH community did not expect a revisit so soon. One could argue this is one of the key factors as to why it did.”
🥳 #Ethereum surpassed $2,000 for the first time since February 20th. The amount of leveraged longs have come back to earth, as much of the $ETH community did not expect a revisit so soon. One could argue this is one of the key factors as to why it did. https://t.co/vs5gTlXOC6 pic.twitter.com/5UFzIpnRX2
— Santiment (@santimentfeed) April 2, 2021
Any possibility for Ethereum to turn Bearish Once Again?
The price of Ethereum obviously embarked on an excellent performance and many crypto pundits expect the cryptocurrency to maintain its bullishness.
However, a crypto analyst at NewsBTC thinks there is a possibility for Ethereum (ETH) to turn bearish once again.
According to Aayush Jindal, if ETH fails to climb above the $2,000 and $2,010 resistance levels, it could correct lower. He said initial support on the downside is near the $1980 area.
Jindal added that the first major support is near the $1,950 level and the connecting bullish trend line. Any further loss might result in sending the price of ETH towards the $1,880 support zone.
Conclusively, he said there is another bullish trend line waiting on the same chart with support near $1,880, where the bulls will possibly take a stand.