Ethereum Jumps To $2,000 Amid Market Surge – Analyst Says This Resistance Is Next

Ethereum has surged past the $2,000 mark for the first time since March, leading analysts to suggest it may reclaim its macro range. The cryptocurrency hit a seven-week high of $2,075, having lost this level at the end of March and nosedived to its two-year low of $1,385. Amid the late-April market recovery, ETH climbed above crucial levels, reclaiming the $1,600-$1,750 zone over the last 14 days. The cryptocurrency finally reclaimed the $1,800 resistance, but some investors worried about its sideways price action and a potential drop to lower support levels. However, Ethereum soared by 8.3% toward the $1,950 level after US President Donald Trump revealed a “major trade deal” with a “big, and highly respected, country” would be announced on May 8. On Thursday, Trump’s $6 billion deal with the UK pushed ETH past the $2,000 mark and near the $2,100 level. Analyst Rekt Capital highlighted the “strong breakout so far,” noting that the cryptocurrency held the bottom of its historical demand zone and rebounded around 14% to the top of the range. The analyst explained that ETH must turn the $1,930 level into support to avoid an upside wick and rejection, and confirm a breakout toward the $2,200 area. According to Rekt Capital, Ethereum's dominance was “upticking after making new All Time Lows,” which resembles its 2020 performance, and the cryptocurrency is testing its range high against its BTC trading pair.