Ethereum (ETH), 4-Year Downtrend Ends...Aims for $2,000 Following Copper-Gold Ratio Rebound

▲ Ethereum (ETH)/AI Generated Image

Ethereum (ETH) has rebounded from a low of $1,500, but the biggest hurdle to reclaiming $2,000 is breaking through the $1,800 resistance. Analysts diagnose that only by surpassing this price level and solidifying it as support will the path open for a rise to $2,245.

According to crypto media outlet CryptoPotato on July 7 (local time), analyst Ali Martinez identified $1,800 as a key bullish reversal line. He explained that the Market Value to Realized Value (MVRV) price band 0.8 is acting as resistance in this zone.

Martinez stated, "If the daily candle closes above $1,800 and holds this price level as support, the bullish outlook could strengthen." He further analyzed that a move towards the realized price of $2,245 is possible. Ethereum has not surpassed $2,000 for a month, and the last time it reached the realized price was in mid-May.

Martinez also pointed out that the TD Sequential resistance trendline is located near $1,800. He said, "Breaking above both $1,796 and $1,816 could initiate a bullish breakout." He added that the possibility of surpassing the channel top of $1,844 and heading towards the realized price of $2,245 also increases.

Analyst Ted Pillows also focused on the $1,820-$1,850 resistance zone. Ethereum recently failed to break through this zone but is maintaining above $1,750. Pillows predicts that if it reclaims $1,820-$1,850, it will rise to $2,000.

Analyst Michaël van de Poppe linked the copper-gold ratio chart with Ethereum's trend. He assessed that the copper-gold ratio has ended its 4-year downtrend and transitioned into an uptrend. Van de Poppe stated, "Generally, Ethereum follows with a time lag," adding, "It's only a matter of time before the crypto market finally gains upward momentum."

[Article Key Summary]

-Breaking through the $1,800 resistance and converting it to support has been identified as a key condition for Ethereum to surpass $2,000.

-Ali Martinez analyzed that if $1,796 and $1,816 are broken, the possibility of surpassing $1,844 and heading towards the realized price of $2,245 increases.

-Michaël van de Poppe assessed that the end of the 4-year downtrend in the copper-gold ratio could be linked to Ethereum's trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*