Ethereum bulls can force a rally to $2000, but…

has been encouraging over the past few days. The bulls forced a breakout past the range highs and defended this zone as support on a retest. However, the trading volume has been in decline.even after a meek upward move. Hence, even though the indicators showed bullish momentum, it was not a straightforward path to victory for the bulls.The $2000 level is enormously important both technically and psychologically. In mid-April the prices found acceptance above this level, pushing as high as $2141.

Over the past two weeks, the resistance at $1880 was overcome and retested as support. The former H4 bearish order block was flipped to a bullish breaker, with confluence at the range highs as well. The RSI was above neutral 50 to highlight bullish momentum. It is expected that ETH can continue to climb to $2000. The findings from the OBV were slightly ominous. They showcased the OBV failing to push higher while Ethereum prices picked their way above the $1900 mark.

It was possible that this demand could arise in the coming days, but Bitcoin’s bearish stance on the market was a threat to short-term bulls. Hence, they can look to book profits upon a sweep of the $1950-$1990 zone. Chances of a reversal from this area are not negligible.Although they are calculated slightly and some differences can be explained away, the spot CVD showed a similar trend to the OBV. Taken together they showed that Ethereum buyers lacked the strength of conviction.

Meanwhile, on the lower timeframes, the Open Interest surged higher alongside the prices. The funding rate also remained positive. They showed bullish sentiment in the market over the past two days.

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