ETH bulls needs to tackle $1,700 before eyeing $2,000
- ETH/USD picks up bids near intraday high, extends Sunday’s bounce off one-month low.
- 21-day SMA, previous support line from late-December and 23.6% Fibonacci retracement guard immediate upside.
- Bears will have a bumpy road on their return.
Ethereum bulls are in full swing while attacking the $1,600 level, currently up 1.77% intraday near $1,595, amid initial Thursday. In doing so, the altcoin extends recovery moves from a one-month low, marked on Sunday.
Also favoring the ETH/USD bulls could be the receding bearish bias shown by the MACD as well as sustained trading beyond key Fibonacci retracement levels of late-December 2020 to February 20, 2021, upside.
However, a convergence of 21-day SMA, a 10-week-old previous support line and 23.6% Fibonacci retracement will test the bulls around $1,700 before giving them a go to the $2,000 threshold.
If at all the ETH/USD fades upside momentum below $1,700, it risks declining back to 50% Fibonacci retracement level of $1,300 and then to the $1,120 level comprising 61.8% of Fibonacci retracement.
Also acting as a downside filter is the mid-January low near $980 and the $1,000 psychological magnet.
Overall, Ethereum bulls are rolling their sleeves for a fresh record high but need to validate their strength.
ETH/USD daily chart