Ethereum Is Up 4% But Are The Charts Pointing Towards Sustained Recovery?

Ethereum was bullish on its chart today at the time of writing. ETH broke its consolidation phase and rose upwards by 4% over the last 24 hours. The king altcoin secured $1900 as a strong support level. After the coin moved past the $1700 level, the bulls started to show up in the market. The demand for the altcoin also came back into the market after Ethereum moved up and past the $1700 price mark. Continued buying strength can push ETH to trade above the $2000 price level. If the bulls continue to trade above the $2000 price level then the recovery would remain strong in the market. Currently, Ethereum has been down by 60% from its all time high of $4800, which the coin secured in the month of November, 2021. The overhead price ceiling for the coin stood at $2100. If the bulls fail to hold the momentum the coin could go back to the consolidation phase. Ethereum Price Analysis: One Day Chart ETH was priced at $1949 at the time of writing. The coin’s nearest support line was $1900, a fall from which could push ETH near $1700. The break from the consolidation caused the coin to rise by 4% over the last 24 hours. For the coin to invalidate the consolidation bit, the coin has to attempt trading near the $2100 and then at $2400. If bulls the tire out, Ethereum could be sandwiched between $1700 and the $1900. The volume of the coin declined in the last trading session. The volume bar was red in colour which indicated that the...