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
Ethereum was trading at $1900 on the one day chart | Source: ETHUSD on TradingView
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