Ether is targeting resistance at $2,166 as buyers move in
Key receivers
ETH is down less than 1% and is now trading above $2,050.
The bulls maintained the $2,000 support level with further upside moves on the cards.
Ethereum is down less than 1% at the time of writing on Friday, ending the bearish performance that dominated the market on Thursday. The coin may rise in the near future as buyers have entered in the last few hours.
Onchain data paints a mixed picture for Ether
ETH is trading above $2,050 at press time, but onchain data paint a mixed picture for the top altcoin. Investors of various groups have come under pressure in the past week.
According to onchain data, the 10K-100K scale wallets, which are the main buyers in the recent downtrend, loaded 340K ETH between March 24-30.
However, the wallets returned to buying in the last two days, accumulating 270K ETH.
On the other hand, wallets with 100-1K and 1K-10K ETH continued to circulate, increasing their holdings by 200K ETH last week.
Apart from this, US spot ETH exchange-traded funds (ETFs) also posted a similar trend. ETFs have only recorded two days of inflows in the past two weeks of trading, which shows a hidden bias.
Ethereum Price Prediction: Bulls will defend the $2k psychological level
The 4-hour chart of ETH/USD is bullish and bullish as Ether posts its first monthly gain in six months.
At press time, ETH is trading at $2,062. The near-term bias remains mildly bearish as ETH continues to trade below the 20- and 50-day exponential moving averages (EMAs), with prices rising to $2,080 and $2,160.
The Relative Strength Index (RSI) reads 53, slightly above neutral, while the MACD is stable near the midline, indicating both are bullish.
If the rally continues, the bulls will face immediate resistance at $2,108, then $2,389, and then $2,746. A daily close above $2,108 would be the first step to ease pressure and expose an upper resistance band towards the 100-day EMA and $2,389.
However, if the sellers regain control, ETH will test the initial support at $1,911, then $1,741 and $1,524.
If ETH continues to trade below $2,108, it risks a return to around $1,700 in the near term.
